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Moody’s lowered the outlook from stable to negative. Additionally, Moody’s announced that it downgraded Julius Baer’s senior unsecured liabilities and deposits rating to A1 from Aa3. Long-term ratings on parent company Julius Baer Group remained at Baa1, but the outlook was also downgraded to negative.
The rating agency justifies the downgrades with higher-than-expected risk appetite and risk concentration in the Zurich asset management bank’s loan book.
Julius Baer announced at the end of November that the institute had given a 606 million franc loan to a “European holding”. That debtor, insiders say, is Austrian investor René Benko’s troubled Signa Group.
Moody’s stated that the incident was a part of various problems from the past and reminded that the financial market supervisory authority, Finma, detected deficiencies in corporate governance regarding the detection and prevention of money laundering in 2020.
Moody’s experts believe these issues have now been resolved. However, the latest value adjustments are said to point to new, previously unforeseen risks.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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