Moody’s assigns ‘Ba1’ rating to Crédito Agrícola

  • ECO News
  • 27 July 2021

In the first rating assigned to Crédito Agrícola, Moody's gave a "Ba1" rating to the Portuguese bank.

The risk rating agency Moody’s assigned a “Ba1” rating to Crédito Agrícola on the Baseline Credit Assessment (BCA), which is the first-ever rating given to the Portuguese bank.

According to the bank led by Licínio Pina, this rating, “reflects the credit opinion towards the Crédito Agrícola Group that incorporates the solidarity mechanism that prevails between its constituent entities, namely the Caixas de Crédito Agrícola and Caixa Central.”

The Baseline Credit Assessment rating is complemented with the Baa3 Outlook Stable/Prime-3 deposit rating and Counterparty Risk Rating (CRR) rating of Baa2/Prime-2.

In reaction to this rating, Licínio Pina considered that the rating obtained by Caixa Central de Crédito Agrícola “is an important milestone in the Group’s affirmation and results from the solidity, profitability and reinforcement of the quality of assets that have been implemented.”