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Moody's upgrades certain ratings of Germany's Sparkasse KölnBonn

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Moody's upgrades certain ratings of Germany's Sparkasse KölnBonn

Moody's on July 2 took various ratings actions on Sparkasse KölnBonn, including upgrading the lender's long-term local- and foreign-currency counterparty risk ratings to Aa2 from Aa3.

Also upgraded were the German lender's long-term counterparty risk assessments to Aa2(cr) from Aa3(cr), its adjusted baseline credit assessment to "a3" from "baa1" and its baseline credit assessment to "baa2" from "ba1."

At the same time, Moody's affirmed the bank's Aa3/P-1 long- and short-term local- and foreign-currency bank deposit ratings, A2 long-term local-currency senior unsecured debt rating, P-1 short-term counterparty risk rating and P-1(cr) short-term counterparty risk assessment.

The outlook on the long-term bank deposit ratings was revised to negative from stable, while the outlook on the long-term senior unsecured debt rating remains negative.