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Moody's upgrades Czech Republic-based Raiffeisenbank

Moody's on June 6 upgraded Czech Republic-based Raiffeisenbank a.s.'s long-term local- and foreign-currency deposit ratings to Baa1 from Baa2, with a stable outlook, following a similar action on Austrian parent company Raiffeisen Bank International AG.

The agency also upgraded the Czech bank's long-term counterparty risk assessment to A3(cr) from Baa1(cr) and its adjusted baseline credit assessment to "baa3" from "ba1" and affirmed its "ba1" baseline credit assessment, Prime-2 short-term bank deposit ratings and Prime-2(cr) short-term counterparty risk assessment.

Moody's noted that an improvement in Raiffeisenbank's problem loans ratio, along with its stronger problem loan coverage and maintained good capitalization and profitability, resulted in moderate upward pressure on its baseline credit assessment.