Moody’s downgrades BSI to A2

Moody’s Investors Service downgraded BSI’s long-term bank deposit ratings to A2 from A1 and the bank financial strength rating to C.

The downgrade reflects ongoing pressures on profitability and efficiency on the Swiss bank resulting from the adverse competitive and macroeconomic conditions, as well as previous franchise additions, Moody’s said.

The outlook on all BSI’s ratings is negative and Moody’s affirmed the Prime-1 short-term ratings.

Based in Lugano, BSI is owned by Italian insurance group Assicurazioni Generali, which has a A1 Insurance financial strength rating with a negative outlook.

Moody’s said that BSI’s long-term ratings continue to include one notch of support from Generali.

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