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Bulgaria First Investment Bank Turns Its Back on Moody's

Date: 30.11.2009

Bulgaria's First Investment Bank (FIB) has decided to suspend its ratings assessment by Moody's shortly after the international credit rating agency published another review.

The management of the bank voiced its decision on Monday in a letter to the Financial Supervision Commission and the Bulgarian Stock Exchange.

“Parallel to its analyses, comments and its open disagreement with the published ratings, First Investment Bank has informed Moody's of its decision to suspend their ratings assessment. FIB will continue to be assessed by Fitch Ratings agency,” the bank's executive directors Matyo Mateev and Evgeni Lukanov write in the letter.

The news comes just days after Moody's Investors Service took rating actions on four Bulgarian banks, including FIB, following its reassessment of the vulnerability of their earnings and capital positions to increased credit losses arising from the deepening recession in Bulgaria.

The bank financial strength rating (BFSR) was downgraded to D- from D. The bank's long-term local and foreign currency deposit ratings were also downgraded to Ba2 from Ba1. All ratings carry a negative outlook.

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