Wednesday, November 26, 2008

Moody’s withdraws rating of J&T Banka.

Source: IntelliNews - Czech Republic Today

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Moody’s withdraws rating of J&T Banka. International rating agency Moody’s withdrew the long-term local and foreign currency bank deposit rating at B2 and the short-term local and foreign currency bank deposit rating at ‘Not prime’ of domestic bank J&T Banka. In the meantime, Moody’s confirmed the bank’s E+ bank financial strength rating and Baa2.cz/CZ-2 national scale ratings. The outlook on all the ratings is stable. Moody’s underlined that the rating action did not reflect change in the bank’s creditworthiness as the bank has no rated outstanding debt at the time of the rating withdrawal. J&T Banka more than doubled its net profit to CZK 354mn (EUR 14.3mn) in Jan-Sep from CZK 160.1mn a year earlier. The assets of the bank expanded by 25% y/y to CZK 39.6bn at end-September. J&T Banka, a unit of the J&T group, focuses on corporate investment, real estate business and private banking.

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Moody’s withdraws rating of J&T Banka.

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