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Moody’s upgraded Converse Bank’s BCA to b1 from b2 and affirmed the bank’s long-term deposit ratings at B1. The rating agency also upgraded the outlook on the B1 long-term deposit ratings to stable, the bank said in a press release on Thursday.

The stable outlook on Converse Bank's long-term deposit ratings reflects Moody’s view that the bank will maintain its sound fundamentals over the next 12-18 months.

Commenting, Grant Akopian, Converse Bank’s CFO said: “The upgrade of Converse Bank’s BCA and stable outlook reflects the bank’s strengthened asset quality and capital adequacy and is a testament to the efficiency of the measures and the work we have done amid the present challenging environment for the banking sector. We remain committed to delivering robust financial performance, improving our liquidity and assets quality metrics”. 

According to Moody’s report, the upgrade of Converse Bank's BCA and Adjusted BCA to b1 from b2 is driven by the bank's strengthened capital adequacy, profitability, and liquidity over the last two years. The upgrade of the bank's long-term CRRs to Ba3 from B1, and the upgrade of the long-term CR Assessment to Ba3(cr) from B1(cr) follows the BCA upgrade.

The full Moody’s report can be accessed here.

Converse Bank is supervised by the CBA.