International Rating Agency Fitch Ratings has changed Bank SNORAS ratings

Published: 9 April 2009 y., Thursday

 

Snoras logo
On 8th April 2009 International Rating Agency Fitch Ratings has changed Bank SNORAS Long-Term Issuer Default Rating to ‘B+'. The same rating action was taken to SNORAS outstanding Eurobonds, which shall be rated at ‘B+'.

International Rating Agency's analysts state that these rating actions reflect the deterioration in the operating environment in Baltic States and this reflects in financial institutions' standings. Other International Rating Agency's Moody‘s and Standard and Poor‘s have also announced their concerns about the economic environment in Baltic States. This have an influence on the reviews of the ratings of Lithuanian and other Baltic States' financial sector's participants as well as Baltic region sovereigns ratings reviews.

“Last years have shown quite a number of rating actions in the Baltic region, therefore we have expected such a step towards SNORAS Bank. Experience showed that downgrades of rivals' ratings were more drastic, however SNORAS was able to demonstrate its stable financial standing and strong business sides. Even in an economic burden SNORAS was able to earn over 20 mLTL profit as for the I quarter of 2009”, Mr. Gitanas Kancerevyčius, Board Member and the Director of Risk Management said.

According to Mr. Kancerevyčius over the last years market have seen numerous rating review actions. This tendency is common all over the world, when every day we receive information on rating downgrades of financial institutions, corporates and sovereigns. Therefore this information was not unexpected for SNORAS.

Šaltinis: www.snoras.lt
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

Commission temporarily authorises aid measures for Austrian bank BAWAG P.S.K.

The European Commission has authorised under EU state aid rules a €550 million capital injection and a €400 million guarantee in favour of the Austrian bank BAWAG. P.S.K. The Commission found the measures to be in line with EU state aid rules. more »

Sharpest Decrease in Hourly Labour Costs Recorded in Lithuania

EUROSTAT has reported that the sharpest annual decrease in hourly labour costs of -10.9% was observed in Lithuania in the 3rd quarter of 2009. more »

Changes in the unemployment rate in III quarter 2009

Statistics Lithuania informs that, according to the Labour Force Survey data, the number of the unemployed in III quarter 2009 made 228.1 thousand. more »

The economic recovery in the euro area is gathering momentum, albeit at a modest pace

What has come to be termed as the "Great Recession" seems to have come to an end in the third quarter of 2009. more »

Commission approves Lithuanian short-term export credit insurance scheme

The European Commission has authorised, under EU State aid rules, a measure adopted by Lithuania to limit the adverse impact of the current financial crisis on exporting firms. more »

Tree more directions from Vilnius to European cities

The schedule of Vilnius International Airport (VIA) is supplemented with 3 more new directions; the airline company airBaltic starts regular flights to Paris today, to Munich tomorrow, and to Berlin on Monday. more »

ECB decides to start construction works for its new premises in spring 2010

The Governing Council of the European Central Bank (ECB) has decided to start the main construction works for its new premises in spring 2010. more »

The award to Bank SNORAS from NASDAQ OMX Baltic Stock Exchange

AB Bank SNORAS was granted the award from NASDAQ OMX Baltic Stock Exchange for the jubilee 15-year listing of the bank’s shares on NASDAQ OMX Vilnius Stock Exchange. more »

Parex banka establishes subsidiary for real estate management

Parex banka has established a subsidiary, SIA NIF, which will professionally manage assets that are not related to the Bank’s core business. more »

Commission proposes measures to ensure that Greek farmers can receive EU support payments

Mariann Fischer Boel, European Commissioner for Agriculture and Rural Development, today put forward a plan to ensure that Greece will put in place the systems necessary to allow EU aid payments to be made to farmers. more »