BUSINESS IN SHORT

Moody’s lowers ratings of Slovak banks

RATING agency Moody's has lowered its assessment of Tatra Banka's long-term deposits in domestic and foreign currencies from A1 to A2 with a stable outlook. Neither the short-term rating of deposits at Prime-1 level nor the evaluation of the bank’s financial strength, which is currently at C level, have been changed, the TASR newswire reported.

RATING agency Moody's has lowered its assessment of Tatra Banka's long-term deposits in domestic and foreign currencies from A1 to A2 with a stable outlook. Neither the short-term rating of deposits at Prime-1 level nor the evaluation of the bank’s financial strength, which is currently at C level, have been changed, the TASR newswire reported.

The reason for the lowered rating is the reduced ratings given to Tatra Banka's parent company, Raiffeisen Zentralbank Österreich (RZB). Moody's expects that the consequences of persistent turbulence on the international capital markets will probably have a detrimental effect on RZB's key markets in central and eastern Europe.

Moody's has also lowered the ratings of another Slovak bank, Slovenská Sporiteľňa, reducing its rating for long-term deposits in domestic and foreign currencies from A1 to A2 with a stable outlook.

This ends the process of re-evaluation of the bank's rating that began on December 12, 2008. The agency had earlier lowered the ratings of the bank's parent company, Erste Group Bank, TASR wrote.

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