April 16, 2014 / 11:02 AM / in 4 years

Moody's raises outlook on Austria's BAWAG PSK

VIENNA, April 16 (Reuters) - Credit rating agency Moody’s Investors Service raised on Wednesday its outlook for Austrian bank BAWAG PSK’s long-term debt to ‘positive’ and affirmed its ‘Baa2’ rating, citing high probability that Austria would again support the bank if needed.

It noted the bank’s sizeable share of national deposits and its importance to the country’s payment system.

BAWAG, majority owned by U.S. investor Cerberus Capital Management, is one of six Austrian lenders due to come under the direct supervision of the European Central Bank from November.

BAWAG repaid last month all the state aid it got during the financial crisis. It has strengthened its balance sheet and more than doubled 2013 profits but its chief executive has said a potential sale of the bank is not imminent. (Reporting by Michael Shields; Editing by Greg Mahlich)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below