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Fitch upgrades KAS Bank's ratings following Caceis offer

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Fitch upgrades KAS Bank's ratings following Caceis offer

Fitch Ratings on Oct. 3 upgraded KAS Bank NV's long-term issuer default rating to A+ from A- and removed it from Rating Watch Positive.

The outlook on the long-term rating is stable.

Also upgraded were the bank's short-term issuer default rating to F1 from F2 and its support rating to 1 from 5. The ratings were also removed from rating watch.

Fitch placed KAS Bank's ratings on rating watch in August, following a recommended public offer for the Dutch bank by Crédit Agricole Group unit Caceis SA.

The agency said the move reflects its expectation that the transaction will be successfully executed.

Upon completion of the transaction, the agency is likely to withdraw KAS' ratings as it will cease to exist as a separate entity and will become the Dutch branch of Caceis, Fitch noted.