Business News

Moody's Reviews 114 European Banks, Including Four Slovenian

London, 16 February (STA) - Rating agency Moody's on Thursday performed rating actions on 114 banks in 16 European countries, including Slovenia's SID development bank, NLB, Abanka and Factor banka, which had their state-guaranteed debt ratings cut from A1 to A2.

The downgrade comes after Slovenia had its sovereign rating cut to A2 with negative outlook earlier this week.

As a direct result of the sovereign downgrade, the state-owned SID bank also had its long-term debt ratings lowered to A2.

Abanka and NLB carry negative outlooks with considerable possibility of further downgrade.

On Tuesday, Moody's downgraded several EU countries, including Slovenia, due to concerns about ongoing weakness in the eurozone.

Italy, Malta, Portugal, Slovakia, Slovenia and Spain had their sovereign debt ratings downgraded, whereas Austria, France and the United Kingdom had their ratings placed on negative outlook.

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