Moody's Investors Service has today affirmed the A1/Prime-1 deposit ratings of Kaupthing Bank hf. Moody's downgrades the BFSR from C+ to C concluding the review initiated in April. The outlook on all ratings is stable.
In its announcement Moody's states that the ratings reflect Kaupthing Bank's high profitability, good core profits and maintenance of the quality of the Bank's loan book. It also takes into account Kaupthing Bank's significant equity exposures and the Bank's reliance on wholesale funding.
Moody's also states that Kaupthing Bank has made great strides in improving its liquidity profile and lengthening the average maturity of its funding; furthermore, in the rating agency's view, the Bank would be able to withstand the absence of wholesale funding for at least a year without having to cut back its lending activities.
The Bank's financial strength rating takes into account the fact that proprietary trading and investment activities continue to account for a sizeable portion of the Bank's risk profile and revenues, and contribute potential volatility to the Bank's earnings. It also factors in the Bank's high reliance on market funding.
Moody's press release is attached:
For further information please contact: Gudni Adalsteinsson, Group Treasurer tel: +354-444-6126 firstname.lastname@example.org Jónas Sigurgeirsson, Corporate Communications tel: +354-444-6112 or email@example.com
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