Moody's Further Downgrades Bulgaria's Fibank Deposit Ratings after ECB Check

Moody's Further Downgrades Bulgaria's Fibank Deposit Ratings after ECB Check

Moody's Investors Service said that it has downgraded the long-term deposit ratings of Bulgaria's First Investment Bank (Fibank)  to B3 and changed the outlook to negative from stable. In June, Moody's downgraded the long-term deposit ratings of Fibank to B2 from B1, maintaining a stable outlook. The rating action follows the publication of the results of a comprehensive assessment of six Bulgarian banks by the European Central Bank (ECB), and reflects the ratings agency's view that the quality of Fibank's credit portfolio could pose a more significant risk to its solvency than initially estimated, Moody's said in a statement on Thursday.

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