Moody's on Sept. 10 changed the outlook on Bulgaria-based Municipal Bank PLC to negative from stable, citing significant execution risks the lender faces in repositioning its balance sheet as a commercial bank.
The agency also affirmed the long- and short-term deposit ratings at Ba3/Not Prime, the baseline and adjusted baseline credit assessment at "b2," its counterparty risk ratings at Ba2/Not Prime and its counterparty risk assessments at Ba2(cr)/Not Prime(cr).
Moody's said the ratings affirmation reflected its view that the lender's stand-alone profile continues to be driven by high reported capital metrics.
