At the same time, the bankʼs baseline credit assessment (BCA) was upgraded from caa1 to b3, its adjusted BCA upgraded from b3 to b2, and its long-term counterparty risk assessment (CRA) upgraded from Ba3(cr) to Ba2(cr).
The outlook on the bankʼs long-term deposit ratings is stable.
Moodyʼs initiated a review for upgrade of FHB in May, prompted by expectations of further gradual improvements in the bankʼs standalone financial metrics, which – together with a higher assumption of affiliate support from SZHISZ – “would significantly improve the bankʼs credit profile.”
Moodyʼs assumes that FHB now enjoys the “full support” of SZHISZ, rather than “high support” previously.
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