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Friday, August 15, 2008

Moody’s keeps favourable stance on local banking system.





Moody’s keeps favourable stance on local banking system. The international rating agency Moody’s Investor Services said that the fundamental credit outlook for the country’s banking system remains stable, mirroring the banking institutions’ strong business activities, stable financials and relatively high risk aversion. However, because of the expected slowdown of the economy’s growth this year, the growth of the banking system profitability is expected to be more moderate as compared to previous years. Moody’s underlined that the extent of this deterioration will depend on the pace of economic slowdown, which the agency believes will be relatively mild. Therefore, it is not expected to play adverse impact over the major banks’ credit ratings. Moody’s concludes that thanks to the fact that the banking system is dominated by 3 major foreign-controlled banks (CSOB, Ceska Sporitelna and Komercni Banka), which have strong focus on retail and domestic markets, as well as have no direct exposure to US sub-prime mortgage market and gave only minor exposure to asset classes at risk, the banking system has experienced only moderate impact from the global financial crisis.







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