Moody's Investors Service Raises DVB Bank's Long-Term Rating to A2
DVB Bank AG reports that Moody's Investors Service raised its long-term debt and deposit ratings on the Bank from 'A3' to 'A2'. Moody's also upgraded the short-term deposit and credit ratings of DVB from 'P-2' to 'P-1'. All ratings have a stable outlook. The bank financial strength rating of 'C-' remains unchanged.
Among others, the new rating by Moody's reflects "the progress DVB has made in its transformation into a specialized transport and corporate finance bank." Moody's describes DVB's strategy as "well defined on transport finance and strictly executed". The Bank's strategic focus on transport finance "as well as the excellent knowledge of the transport industry sector should help DVB to further strengthen its financial fundamentals." The rating action is also based on DVB's ongoing majority ownership by DZ BANK AG, which has also underpinned its commitment to DVB by a capital increase in the second half of 2005.
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- Moody's Investors Service Raises DVB Bank's Long-Term Rating to A2 (Feb 02)