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Moody's assigns 1st-time long-term issuer ratings to Zürcher Kantonalbank

Moody's on Feb. 19 assigned first-time Aaa long-term local- and foreign-currency issuer ratings to Zürcher Kantonalbank, with a stable outlook.

The agency said the assigned issuer ratings are based on the guarantee provided by the canton of Zurich, which owns 100% of the lender.

The stable outlook, meanwhile, reflects Moody's expectation that there will be no changes in the full ownership and statutory guarantee from the canton of Zurich over the next 12 to 18 months.

Moody's noted that the Swiss lender's other ratings are unaffected by the ratings action.