Moody’s upgraded Coop Pank’s long-term deposit rating to Baa1 and changed the outlook to stable
Credit rating agency Moody’s Ratings has updated Coop Pank’s rating assessment, upgrading the bank’s long-term deposit rating to Baa1 (from Baa2) and revising the rating outlook to stable.
According to Coop Pank’s CFO, Paavo Truu, the rating upgrade and the assignment of a stable outlook confirm that Coop Pank has become even more reliable. In its announcement, the rating agency highlights the good quality of Coop Pank’s loan portfolio, strong capitalisation, and solid profitability as positive factors. “The rating upgrade provides both private individuals and businesses with additional confidence to become clients of Coop Pank and to keep their money in a domestic financial institution,” said Truu.
Ratings affirmed by Moody's Ratings for Coop Pank AS:
- Foreign- and local currency long-term bank deposit rating Baa1
- Foreign- and local currency short-term bank deposit rating P-2
- Long- and short-term counterparty risk assessment of A3(cr)/P-2(cr)
- Long- and short-term counterparty risk rating of A3/P-2
- Baseline credit assessment (BCA) baa3
- Adjusted baseline credit assessment baa3
The long-term deposit ratings outlook is stable.
The announcement on the report prepared by Moody’s can be found at https://ratings.moodys.com/ratings-news/465020
Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The bank has 231,000 clients who use everyday banking services. Coop Pank uses the synergy created between retail trade and banking and brings everyday banking solutions closer to people. The majority shareholder of the Bank is a domestic retail chain Coop Eesti, the sales network of which comprises 320 stores.
Additional information:
Paavo Truu
CFO
Phone: +372 5160 231
E-mail: paavo.truu@cooppank.ee
