29/08/2012
Moody's sets long-term issuer rating for Julius Baer at A1
Moody’s Investors Service assigned on August 28 a first-time long-term issuer rating of A1 to Bank Julius Baer & Co. AG, Zurich (BJB). The rating is on review for downgrade following Moody’s 15 August 2012 action on the bank’s deposit ratings. The A1 issuer rating on BJB is at the same level as the bank’s long-term bank deposit rating and is therefore under review for downgrade, explains Moody’s. On 15 August 2012, Moody’s downgraded BJB’s long-term bank deposit rating to A1 from Aa3 and placed it on review for further downgrade, following the announcement by the Julius Baer Group that it was acquiring Merrill Lynch’s international wealth-management business outside the US from Bank of America.
