OREANDA-NEWS. On July 30, 2009 international rating agency Moody’s Investors Service has approved Parex banka’s long-term rating at the previous level with a stable outlook; thus, accomplishing the investigation process launched by Moody’s in December 2008 with an initial assumption of a potential downgrade, reported the press-centre of Parex banka.

In its credit opinion Moody’s discussed Parex banka’s improved capital base and the new shareholder structure, as well as further support from the new shareholders, including the European Bank for Reconstruction and Development (the EBRD). Moody’s also approved the previously assigned financial strength rating – E, with a stable outlook and short-term rating Not-Prime.

The rating agency positively notes the accomplishments of the Bank in the stabilization process following the turbulences experienced in the fall of 2008, its cost optimisation efforts, as well as the participation of the EBRD in the Bank’s shareholder structure. Additionally, Moody’s strongly approves the state support to the Bank.

Commenting the statement, Head of Parex banka’s Finance and Treasury Sector Roberts Stugis said: “We are pleased to receive a positive evaluation of our accomplishments from internationally recognized experts and agree with Moody’s that the current complicated economic situation has its effect on the Bank’s performance. However, the cost optimisation and fundamental reorganization will facilitate the Bank’s efforts to successfully overcome the economic breakdown, as well as restore profitability and ensure the repayment of state support funds in the shortest possible time.”