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Moody's further extends review for upgrade on Credit Europe Bank

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Moody's further extends review for upgrade on Credit Europe Bank

Moody's on May 28 further extended its review for upgrade of Credit Europe Bank NV's Ba2 long-term local- and foreign-currency deposit ratings, "b1" baseline and adjusted baseline credit assessments and Ba1(cr)/Not Prime(cr) long- and short-term counterparty risk assessments due to the still-pending decision of regulators on the bank's divestment of Russian unit Credit Europe Bank Ltd.

The rating agency initiated the review Oct. 26, 2017. Moody's said completion of the review is contingent upon regulators' decision, which the agency sees as imminent.

The review for upgrade of Credit Europe Bank NV's baseline credit assessment is driven by the expected transfer of its 90% stake in Credit Europe Bank Ltd. to parent Fiba Holding AS, Moody's said, noting that Credit Europe Bank NV's profitability will likely improve because of the sale, as it will no longer incur the cost of hedging the unit's Russian ruble-denominated equity into euros.