Fitch upgrades Credit Europe Bank’s rating to ‘C/D’
09.08.2010
FitchRatings, one of the world’s leading rating agencies, has upgraded Credit Europe Bank NV’s (CEB) Individual Rating to ‘C/D’ from ‘D’. Its Long-Term Issuer Default (IDR) is affirmed at ‘BB’ with a Stable Outlook.
According to FitchRatings, the upgrade of the individual rating Credit Europe Bank NV reflects management’s ability to react quickly to worsening economic conditions in its main markets. As a result, in 2009 and in H1 2010 the bank slowed down its loan growth dramatically and reduced exposures to higher-risk counterparts. It has also shored up its liquidity by extending the maturity profile of its savings and investing in liquid securities. Although the negative impact of maintaining such high liquidity buffers on its net interest revenue was significant, overall profitability was kept fairly stable. A reduction of the excess liquidity buffer in 2010 should lift the pressure on margins, FitchRatings concludes.
Please find the full press release as issued by FitchRatings on the corporate website of Credit Europe Bank NV via http://www.crediteuropebank.com/fb/sites/com/en/downloads/
Background on Credit Europe Bank
Founded in 1994, Credit Europe Bank NV has grown towards a solid, international financial services group, ranked in the top 10 of Dutch banks with a total balance sheet of around 10 billion euro. Serving around three million customers worldwide with more than 5,000 employees working from close to 200 branches, the Bank’s mission is to offer tailor-made corporate banking services and easy-to-use and efficiently delivered retail products.
Further information:
Robert Bakker
T: + 31 20 357 8069 / M: + 31 6 5152 7441
Robert.Bakker@crediteurope.nl