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Moody's upgrades Orient Express Bank on improved profitability, capital adequacy

Moody's on Feb. 15 upgraded Public Stock Co. Orient Express Bank's long-term bank deposit and senior unsecured debt ratings to B3 from Caa1, with stable outlooks.

The rating agency also upgraded the Russian lender's baseline and adjusted baseline credit assessments to "b3" from "caa1" and its long-term counterparty risk assessment to B2(cr) from B3(cr), and affirmed its short-term bank deposit rating at Not Prime and its short-term counterparty risk assessment at Not Prime(cr).

Moody's said the upgrade reflects the improvements in the bank's profitability and capital adequacy in 2017, which the agency expects to extend into 2018.

The agency said it may upgrade the bank's deposit and debt ratings if it sees further sustainable improvements in the lender's solvency metrics coupled with the reduction in the volume of its noncore property holding.