Notification on material event
Moody's changes Šiaulių bankas‘ rating outlook to positive from stable
Šiaulių Bankas AB, company code 112025254, domicile address: Tilžes str. 149, Šiauliai, Lithuania.
The international rating agency Moody's Investor Service (Moody's) affirmed Šiaulių Bankas' previous long-term deposit rating Baa2 and changed its outlook to positive from stable. The bank was also affirmed with the short-term deposit rating of P-2.
The Moody's report stated that the rating outlook improvement reflected Moody's expectations that Šiaulių Bankas would maintain a strong capital position, ensure resilient profitability as well as successfully manage asset risk and risk appetite.
The rating agency also noted that the rating of Šiaulių Bankas was also affected by the recently improved long-term debt rating of Lithuanian to A2 from A3. Moody's has improved the country's rating after six years considering Lithuania's resilience to shock and its ability to manage pandemic threats to the country's economy.
"This is a very significant assessment which shows that Šiaulių Bankas is able to operate successfully even in an unfavourable economic environment," stressed Vytautas Sinius, Chief Executive Officer of Šiaulių Bankas.
Furthermore, the rating agency affirmed the baseline credit assessment (BCA) and adjusted BCA of ba1. The counterparty risk ratings of Baa1 and counterparty risk assessments of Baa1(cr) were also affirmed.
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