Moody's provided an investment rating to Šiaulių Bankas
Credit rating agency Moody’s upgraded Šiaulių Bankas deposit ratings to Baa3 from Ba1, thus raising the bank to the level of investment ratings. This is the highest long-term deposit rating ever given to the bank.
"We are glad that the rating agency has evaluated the consistently improving bank's performance, its credit risk management and financial stability. The provision of the investment rating obviously proves the growing international trust in Šiaulių Bankas and its growth potential", - says Vytautas Sinius, Chief Executive Officer of Šiaulių Bankas.
Baa3 is also considered to be the investment rating. The higher rating allows the bank offering more favourable financing terms for its clients and borrowing on a more favourable basis abroad. Moreover, the agency has upgraded the bank's long-term deposit outlook to positive from stable.
Moody's indicates that the higher rating was provided to Šiaulių Bankas due to improved operating environment in Lithuania, stable bank's profit indicators and increased capitalization.
The short-term bank deposit rating was ungraded to P-3 from NP. The agency has also adjusted counterparty risk assessments upgrading the long-term rating to Baa2(cr) from Baa3(cr) and short-term rating to P-2(cr) from P-3(cr).
Moody's is ranked among three most influential international credit rating agencies exploring the ability of companies and governments to meet their debt obligations.