Moody's on Oct. 7 upgraded Czech state-owned lender Česká exportní banka a.s.'s long-term issuer and backed senior unsecured regular debt ratings to Aa3 from A1 and revised the outlook on the ratings to stable from positive, following a similar action on the sovereign.
The rating agency affirmed the bank's short-term issuer rating at P-1.
The upgrade reflects the fact that the Czech government explicitly and unconditionally supports the lender's current and future financial obligations, with the outlook revision reflecting that on the country.
