Moody’s affirms Citadele credit rating Baa3, outlook changed to positive
On 17 February 2021, the international credit rating agency Moody’s has affirmed AS “Citadele banka” Baa3 credit rating. The outlook changed to positive from stable.
The rating action follows the positive revision of the macro profiles of Lithuania to Strong- from Moderate+, and Latvia to Moderate+ from Moderate. The rating affirmation reflects a changed weighted macro profile for Citadele of Strong- from Moderate+ and the bank’s improving fundamentals in terms of capitalization and declining of problem loans.
The positive outlook on Citadele’s deposit ratings reflects Moody’s expectation that the acquisition of the SIA UniCredit Leasing, completed on 4 January 2021, will support a recovery in bank’s profitability during 2021, and will not result in any material deterioration in asset quality.
Citadele CEO Johan Åkerblom: “Moody’s affirmation of Citadele’s rating and changed outlook to positive is a confirmation of the sustainability of our business model. It is also reassuring that there is a positive revision of the macro profiles of our home markets”
About Citadele Bank
Citadele’s mission is to modernise the banking sector and offer more opportunities to clients and businesses throughout the Baltics.
Alongside traditional banking services, Citadele offers its clients a range of services based on next-generation financial technology, including, among other things, a modern mobile banking app, contactless and instant payments, modern client onboarding practices and technologically-enabled best-in-class customer service.
Citadele is the second largest bank in Latvia by assets. The Citadele Group is managed from Latvia. Its subsidiaries and branches operate in Latvia, Lithuania and Estonia.
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