Moody’s Ratings has announced that it is upgrading Citadele Bank’s ratings to a stable outlook, the Baltic-based bank said on Friday.
Citadele’s long-term deposit ratings were raised to “Baa1” from “Baa2,” whilst its senior unsecured rating was boosted from “Baa3” to “Baa2.”
“Moody’s ratings upgrade and the stable outlook underscore the strength of our operations and our progress in pursuit of our strategy,” Citadele CEO Ruta Ezerskiene said in a news release.
“Despite challenges in the macroeconomic environment, we have demonstrated resilience through strong capitalization, sustained profitability and a robust credit profile,” she added.
Moody’s said in its own news release that the upgrade was based on the bank’s “enhanced asset quality, solid capitalization and strong profitability.”
Source: BNS
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