OREANDA-NEWS  On 08 September was announced, that international rating agency Moody's Investor Service affirmed short term ratings of Balti Investeeringute Grupi Pank AS on the current level changing the outlook on long term ratings to negative from stable.

According to Wednesday's announcement by Moody's Investors Service BIG's long-term rating remained at the level of  B1 and short term deposit rating as Not Prime. Moody's affirmed the E+ bank financial strength rating and Not Prime short-term deposit rating. Moody's changed the outlook to negative from stable. Bank financial strength rating outlook remained stable.

According to Moody's, BIG has demonstrated rapid growth over the last years.However, the overall slow-down of the Baltic economies and related weakening in consumer confidence could exert pressure on the overall debt service ability of households which could in turn affect BIG's asset quality.

Targo Raus, CEO of BIG comments that the change in rating outlook was expected,as in the current situation of slow-down of Baltic economies the international rating agencies have changed the ratings and rating outlooks of Baltic countries. BIG's long-term strategy takes into account the possible future deterioration of asset quality and BIG has maintained conservative liquidity management.

The total balance sheet of Balti Investeeringute Grupi Pank AS amounted to 2699.5 million kroons at the end of Q2 2008. Net profit in Q2 2008 amounted to 40.5 million kroons which is a 24.1% increased compared to the same period last year. Net profit for H1 2008 amounted to 89.2 million.