Czech Export Bank and , Hungarian Development Bank are among 17 government-affiliated financial institutions that had their debt ratings raised by Moody's, which cited a revised rating methodology.
The long-term foreign-currency rating of the Czech Republic's export lender was raised three levels to Aa1, the second-highest investment grade, Moody's Investors Service said in a statement yesterday. The Brazilian lender was raised one level to the lowest investment grade of Baa3, according to the statement. Other institutions that had their debt ratings raised include Hong Kong Mortgage Corp. and Mexico's Banco Nacional de Comercio Exterior SNC.
Moody's also raised ratings at institutions in Hungary, Kazakhstan, Slovakia, South Africa, South Korea and Thailand. Some of the east European financial institutions whose debt ratings were raised by Moody's are Croatian Bank for Reconstruction and Development, Czech Export Bank, Hungarian Development Bank Ltd., Slovakia’s Eximbanka SR and Slovak Guarantee & Development Bank. (Bloomberg)