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Moody's downgrades ratings of Bulgaria's First Investment Bank

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Moody's downgrades ratings of Bulgaria's First Investment Bank

Moody's on June 4 downgraded First Investment Bank AD's long-term deposit rating to B2 from B1, with the outlook remaining stable.

Also downgraded were the Bulgaria-based bank's baseline and adjusted baseline credit assessments to "b3" from "b2," its long-term counterparty risk rating to Ba3 from Ba2 and long-term counterparty risk assessment to Ba2(cr) from Ba1(cr).

The ratings actions reflect the agency's view that the bank's high level of problem loans and significant repossessed assets would continue to pose a risk to the lender's capital base.

Moody's, meanwhile, affirmed the bank's short-term deposit rating and counterparty risk rating at Not-Prime and its short-term counterparty risk assessment at Not-Prime(cr).