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Moody's upgrades St. Galler Kantonalbank's credit assessments

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Moody's upgrades St. Galler Kantonalbank's credit assessments

Moody's on May 20 upgraded St. Galler Kantonalbank's baseline and adjusted baseline credit assessments to "a2" from "a3" and affirmed its long- and short-term bank deposit ratings at Aa1/P-1.

Also affirmed were the Swiss bank's Aa1/P-1 long- and short-term counterparty risk ratings, Aa1(cr)/P-1(cr) long- and short-term counterparty risk assessments and Aa1 senior unsecured debt rating.

The upgrades reflect the continued strengthening in the lender's financial fundamentals, specifically its more balanced liquidity profile, improved asset quality and increased capitalization. Its creditworthiness, which is the main driver of St. Galler Kantonalbank's senior unsecured debt and deposit ratings, remains unchanged, the agency noted.

The outlook on its long-term bank deposit and senior unsecured debt ratings remains stable, as Moody's does not expect any significant changes in the lender's majority ownership by or the creditworthiness of the Canton of St. Gallen.