Moody’s puts nine Slovak financial institutions on downgrade watch

International rating agency Moody’s Investors Service on May 26 placed the ratings of nine Slovak financial institutions on review for possible downgrade

International rating agency Moody’s Investors Service on May 26 placed the ratings of nine Slovak financial institutions on review for possible downgrade

The SITA newswire reported that the affected institutions are: Slovenská Sporiteľňa, Všeobecná Úverová Banka, Tatra Banka, Unicredit Bank Slovakia, Československá Obchodná Banka, Privatbanka, OTP Banka Slovensko, and companies Tatra Leasing and Home Credit Slovakia.

The rating of the state-owned Eximbanka was not affected.

With the economy entering recession, the likelihood of an increased number of corporate defaults is rising and therefore losses in banks’ corporate loan portfolios are expected to grow. Rising unemployment and the decline in house prices are also expected to result in increased losses in the retail portfolios. SITA

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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