Ad hoc announcement pursuant to Art. 53 LR – SIX Swiss Exchange
S&P and Moody’s Ratings take rating actions on Black Sea Trade and Development Bank (BSTDB)
BSTDB announces that Standard & Poor’s Global Ratings (S&P), on 29 July 2026, upgraded BSTDB’s long-term issuer credit rating to BBB+ from BBB, and affirmed BSTDB’s A-2 short-term issuer credit rating. S&P has stated the outlook to be stable.
S&P stated that the upgrade reflects its assessment that BSTDB’s funding profile has been adequately reestablished, with market access no longer posing a constraint to its disbursement pipeline. S&P noted that the Bank has demonstrated a normalized funding situation over the past 18 months, evidenced by the successful execution of recent hard-currency issuances under its Euro Medium-Term Note programme at yields comparable with pre-conflict norms. This stability is further supported by a diversified range of liquidity sources, including the syndicated loan market and committed undrawn credit lines from international financial institutions.
S&P assesses BSTDB’s financial risk profile as extremely strong thanks to its solid capital and liquidity, a position it believes will enable the Bank to rebuild its loan book and progressively enhance its developmental impact and policy utility. S&P also noted the improvement in the Bank’s asset quality, with the non-performing loan ratio declining to 5.5% at year-end 2025, and it stated that the stable outlook reflects its expectation that shareholders will follow through on their commitments under the capital replenishment program, while the broader risks from the war in Ukraine on the Bank’s asset quality and financial position will remain manageable.
BSTDB further announces that Moody’s Ratings (Moody’s), on 24 July 2026, affirmed BSTDB’s Baa2 long-term issuer rating and changed the outlook to positive from stable. Moody’s stated that the positive outlook reflects the increasing likelihood that BSTDB’s improving funding and liquidity profiles will prove sustained, with asset performance also likely to improve as the remaining Russian exposures mature, and noted that the capital increase approved by shareholders in 2024, with payments beginning in 2027, will further strengthen the Bank’s capital adequacy.
About BSTDB
The Black Sea Trade and Development Bank (BSTDB), an international financial institution/ multilateral development bank with its headquarters in Thessaloniki, Greece, was established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. BSTDB started operations in June 1999 and has authorized capital of €3.45 billion. The Bank supports economic development and regional cooperation in the Black Sea Region through trade and project finance lending, guarantees, and equity participation in private enterprises and public entities in its member countries.
Contacts:
Mr. Ivan Larin, Treasurer
Ilarin@bstdb.org Tel: +30 2310 290456
Mr. Cagatay Imirgi, Director External Relations & Communications
cimirgi@bstdb.org Tel +30 2310290532
The Information contained in this announcement constitutes inside information for the purposes of Article 17 of Regulation (EU) No. 596/204 on market abuse.
