Business Services Industry
MOODY'S ASSIGNS BA1/NP/D- RATINGS TO MKB UNIONBANK AD
Info-Prod Research (Middle East), July, 2007
Moody's Investors Service has assignedBa1/Non-Prime long-term and short-term foreign currency deposit ratingsand a D- bank financial strength rating (BFSR) to MKB Unionbank AD(MKB-UB). The BFSR translates into a Baseline Credit Assessment of Ba3.At the same time, Moody's assigns a Global Local Currency (GLC) depositrating of Ba1/ NP to the bank.
All ratings carry a stable outlook. MKB-UB's BFSR rating derives from its high reported asset quality andample capitalisation levels, as well as the prospects of franchisedevelopment following the acquisition of a 60% stake in the bank byHungary's MKB Bank (a subsidiary of Germany's Bayerische LB). At the same time, the rating captures the bank's small presence in theBulgarian market, compounded by the country's increasingly...
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