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CORPORATE NEWS

Moody's cuts ratings of two Slovak banks

Moody's Investors Service has lowered the ratings of Slovenská Sporiteľňa (SLSP) and Všeobecná Úverová Banka (VÚB) for long-term foreign currency deposits from Ba1 to Ba2, following the March 30 downgrading of Slovakia's country ratings ceilings for long-term foreign currency deposits to Ba2. Moody's said that both banks are pegged to the country's ratings ceiling for deposits, based on the likelihood of state support if necessary, and therefore the banks' ratings have changed in line with the downgrade of the country's ratings ceilings. At the same time, Moody's confirmed the foreign currency subordinated debt ratings of SLSP and VÚB at Ba1, as well as the rating of Slovenská Poľnohospodárska Banka (SPB) for long-term foreign currency deposits at Ba2. Moody's said these ratings were not affected by the country's ceiling changes. Similarly, the country's overall downgrade did not affect the banks' short-term foreign currency deposit ratings, already at Not Prime, or their financial strength ratings, each at D already.

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