Le agenzie continuano la loro strategia:
Moody΄s Cuts MPB, Bank Of Cyprus Ratings
Moody’s Investors Service Monday said it downgraded the deposit and debt ratings of Marfin Popular Bank Public Co Ltd to Baa2/Prime-2 from A3/Prime-1 and Bank of Cyprus Public Co Ltd to A3/Prime-2 from A2/Prime-1. At the same time, Moody’s has confirmed the deposit and debt ratings of Hellenic Bank Public Co Ltd at Baa2/Prime-2.
The outlook on all the banks’ ratings is negative. The Russian subsidiaries of MPB and BoC -- Rosprombank and Bank Uniastrum, respectively -- are not affected by today’s rating action.
These actions reflect the banks’ direct sizable exposure to the Greek economy through their operations in Greece, and their relative capacity to manage the resulting pressure on asset quality, earnings and capitalisation. Concerns about the economic conditions in Cyprus and the performance of its domestic real estate market also contributed to today’s rating actions.
The negative outlooks on the banks’ ratings reflect the uncertainties regarding the banks’ operating environment over the next two years, which could lead to pressures on asset quality that are more pronounced than what is assumed currently under our base case scenario. In Cyprus, the economic activity remains weak, with GDP contracting again in Q1 this year. At best, Moody’s expects a weak recovery in 2011. The country’s real estate market, which is a significant component of the banks’ loan books, remains a risk area with unclear growth prospects and weak demand.
Moody’s also notes that it will continue to actively monitor the liquidity and funding position of the Cypriot banks in light of the tight capital market conditions, the so far modest outflow of deposits from their Greek operations and the relatively high cost of funding in Cyprus. The agency however pointed out that concerns in this area are mitigated by a few factors. The banks are primarily deposit-funded, with recent indicators pointing to a relatively stable deposit base at the group level, and relatively low wholesale refinancing needs over the next 18 months. Liquidity is also supported by highly stringent liquidity regulations in Cyprus.
Moody’s notes that the deposit and debt ratings of the three banks continue to benefit from systemic support from the Cypriot authorities, reflecting the national government’s capacity and commitment to support its banking system in case of need. The deposit and debt ratings of the three Cypriot banks currently benefit from an average two-notch rating uplift from their stand-alone ratings as a result of the imputed systemic support assumption.