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Moody's places Bremer Landesbank on review for upgrade


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Moody's places Bremer Landesbank on review for upgrade

Moody's on Dec. 9 placed Bremer Landesbank Kreditanstalt Oldenburg-Girozentrale's "b1" adjusted baseline credit assessment and Prime-3 short-term foreign- and local-currency deposits ratings on review for upgrade.

The lender's long- and short-term counterparty risk assessments of Baa3(cr)/Prime-3(cr) were also placed on review for upgrade.

The outlooks of the bank's Baa3 long-term foreign- and local-currency bank deposits rating and its Ba1 long-term foreign-currency issuer rating were changed to rating under review from positive.

At the same time, Moody's affirmed the bank's baseline credit assessment at "caa2."

The agency said the actions were prompted by measures taken by Bremer Landesbank and Norddeutsche Landesbank Girozentrale to closely integrate Bremer Landesbank into the NORD/LB group in the coming weeks.

The measures include a pre-agreement between the City of Bremen, where Bremer Landesbank is based, and the Land of Lower Saxony, where NORD/LB is based, aimed at modifying the statutes of Bremer Landesbank and allowing for the entry into force of a control and profit and loss transfer agreement with NORD/LB following the ownership change targeted for Jan. 1, 2017.