Tue, 01/08/2006 - 06:57
Leading rating agency Moody's Investors Service has assigned Swiss-based Banque SYZ & CO SA a long-and-short term deposit ratings of 'A3/P-2' and a bank financial strength rating of 'C'.
At the same time, Financière SYZ & CO SA, the Group's holding company, has received an 'A3' issuer rating. The outlook for all these first time ratings is stable. These positive ratings are the result of the robustness of SYZ & CO's financial fundamentals and its low risk activity.
In awarding the ratings, Moody's Investors Service says it has recognised the very limited overall risk of Banque SYZ & CO SA's activities, its improving operational efficiency and growing profitability, its strong asset quality, and very solid earnings retention and regulatory capitalisation.
Moody's also says that it took note of the bank being relatively young compared to its competitors and it recognized that the bank had distinguished itself early through a clear focus on private banking and on absolute investment performance. According to the ratings agency, this has resulted in robust growth, impressive earnings dynamics and a strong business culture.
"We are very pleasedto see that Moody's has recognized the validity of our model and the strength of our business franchise,' says Reic Syz, managing partner of Banque SYZ & CO. 'This rating improves access to thecapital markets if our expansion so requires, whilst providing addedassurance to our clients and business partners.
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