Bulgarian banks’ foreign currency deposit ratings cut to ‘stable’

Moody's Investors Service has changed the outlook on the Baa3/Prime-3 long- and short-term foreign currency deposit ratings of three Bulgarian banks — DSK Bank, Raiffeisenbank (Bulgaria) and Piraeus Bank Bulgaria — to stable from positive.
This rating action follows Moody's decision to change the outlook on Bulgaria's Baa3 foreign currency deposit ceiling to stable from positive last week. This ceiling constrains these three banks' foreign currency deposit ratings and therefore any future rating action on the ceiling will also affect these ratings. The ratings of the other rated Bulgarian banks are not affected, as they are not constrained by the country ceiling.
DSK Bank is headquartered in Sofia and reported consolidated total assets of BGN8.371 billion (EUR4.280 billion) at the end of June.
Raiffeisenbank (Bulgaria) is headquartered in Sofia and reported unconsolidated total assets of BGN6.985 billion (EUR3.571 billion) at the end of June.
Piraeus Bank Bulgaria is headquartered in Sofia and reported consolidated total assets of BGN4.064 billion (EUR2.078 billion) at the end of June.