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Moody's upgrades Crédit Agricole's Polish unit

Moody's on Oct. 11 raised the long-term bank deposit ratings of Crédit Agricole Bank Polska SA to A3 from Baa1, with the outlook remaining stable.

The agency also upgraded the bank's baseline credit assessment to "ba1" from "ba2," adjusted baseline credit assessment to "baa2" from "baa3," long- and short-term counterparty risk assessments to A2(cr)/Prime-1(cr) from A3(cr)/Prime-2(cr) and long- and short-term counterparty risk ratings to A2/Prime-1 from A3/Prime-2. The bank's short-term bank deposit rating was affirmed at Prime-2.

Moody's noted that the upgrades reflect continued improvement in the capitalization of the bank, a unit of France-based Crédit Agricole Group. They also reflect its resilient profitability despite net interest margins being hammered by low interest rates.

The stable outlook on the long-term bank deposit rating, meanwhile, reflects the agency's expectation that the bank will hold its capital at its current level despite an expected growth in lending. The bank's credit portfolio is also expected to expand in the next 12 to 18 months.