The rating agency Moody's Ratings affirmed Coop Pank's Credit rating and raised outlook to positive. Long- and short-term deposit rating remained on the level of Baa2 and outlook changed to positive, from stable.
According to Paavo Truu, CFO of Coop Pank, the affirmation of the credit rating at the current level confirms that the bank is trustworthy with solid capital base and high quality of the loan portfolio even in difficult times and has shown good profitability. "The affirmation of the rating and raising outlook to positive gives private individuals and businesses additional confidence to become a customer of Coop Pank and keep their money in a domestic financial institution," said Truu.
Ratings affirmed by Moody's Ratings for Coop Pank AS:
- Foreign- and local currency long- and short-term bank deposit rating Baa2/Prime-2
- Long- and short-term counterparty risk assessment of Baa1(cr)/Prime-2(cr)
- Long- and short-term counterparty risk rating of Baa1/Prime-2
- Baseline credit assessment (BCA) ba1
- Adjusted baseline credit assessment ba1
The long-term deposit ratings carry a positive outlook.
The announcement on the report prepared by Moody's can be found at https://ratings.moodys.com/ratings-news
Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking reached 206,000. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people's homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 320 stores.
Additional information:
Paavo Truu
CFO
Phone: +372 5160 231
E-mail: paavo.truu@cooppank.ee
