Already a Bloomberg.com user?
Sign in with the same account.
Dec. 16 (Bloomberg) -- Citadele Banka AS, the state-owned Latvian retail lender formed from Parex Banka, was downgraded by Moody’s Investors Service on deteriorating asset quality and low capital levels.
Moody’s cut Citadele’s long-term deposit rating to B2 from Ba3 and assigned a negative outlook, the London-based company said in an e-mailed statement today.
Citadele was split from Parex, once the Baltic nation’s second-biggest lender, after a run on deposits triggered a government rescue in 2008.
“The downgrade reflects the continued deterioration in asset quality since the bank’s inception,” Moody’s said.
--Editors: Alan Crosby, Andrew Langley
To contact the reporter on this story: Milda Seputyte in Vilnius at firstname.lastname@example.org
To contact the editor responsible for this story: Balazs Penz at email@example.com