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Moody's puts Austria's Card Complete Service Bank on review for downgrade

Moody's has placed on review for downgrade the Baa1/Prime-2 long- and short-term local- and foreign-currency bank deposit ratings of Card Complete Service Bank AG.

Moody's, which announced the move March 22, took the same action on the Austrian lender's ba1 baseline credit assessment, baa3 adjusted baseline credit assessment, A3 (cr)/Prime-2 (cr) long- and short-term counterparty risk assessments and A3/Prime-2 long- and short-term local-currency counterparty risk ratings.

The actions come after UniCredit Bank Austria AG signaled that it intends to offload its majority shareholding in the bank. Moody's said the review will possibly be completed in the second or third quarter, depending on the sale progress.

Italian banking giant UniCredit SpA is the ultimate parent of both Card Complete Service Bank and UniCredit Bank Austria.