S&P Global Market Intelligence presents a weekly overview of ratings actions on European financial institutions and economies. Ratings actions are listed by announcement date in reverse chronological order.
May 21
* Fitch Ratings affirmed Lloyds Banking Group PLC unit Lloyds Bank Corporate Markets' expected long- and short-term issuer default rating were affirmed at A(EXP)/F1(EXP). The outlook on the long-term rating is stable. The agency also affirmed the bank's expected support and derivative counterparty ratings at 1(EXP) and A(dcr)(EXP), respectively.
* Fitch affirmed International Personal Finance Plc's long-term issuer default rating and senior debt ratings at BB and its short-term issuer default rating at B. The outlook on the long-term issuer default rating is negative.
* DBRS confirmed the long-term issuer, senior debt and deposit ratings of Banca Sella Holding SpA and unit Banca Sella SpA at BBB (low). The agency also confirmed the banks' short-term issuer, debt and deposit ratings at R-2 (middle).
* ACRA affirmed JSC Tinkoff Bank's credit rating at A(RU) with a stable outlook.
May 18
* S&P Global Ratings upgraded Nova Ljubljanska banka d.d.'s long-term issuer credit rating to BB+ from BB and revised the outlook on the rating to developing from positive.
* Fitch upgraded the long-term foreign- and local-currency issuer default ratings of Kazakhstan-based JSC Altyn Bank to BBB- from BB, with a stable outlook. The agency also upgraded the bank's short-term foreign-currency issuer default rating to F3 from B, its national long-term rating to AA+(kaz) from A+(kaz) and its support rating to 2 from 3. All ratings were removed from Rating Watch Positive, and the outlook on the national long-term rating is stable.
* Fitch affirmed the long- and short-term issuer default ratings of Ford Motor Co. unit FCE Bank Plc at BBB/F2. The agency also affirmed the bank's short-term deposit rating at F2 and the long-term issuer default rating of Ford Capital BV at BBB, among other rating actions.
* S&P affirmed Switzerland's unsolicited long- and short-term foreign- and local-currency sovereign credit ratings at AAA/A-1+, with a stable outlook.
* S&P affirmed the Netherlands' unsolicited sovereign long- and short-term foreign- and local-currency credit ratings at AAA/A-1+, with a stable outlook.
* S&P lowered International Insurance Co. of Hannover SE's long-term insurer financial strength and issuer credit ratings to A+ from AA-, with a stable outlook.
* Fitch affirmed the long-term foreign- and local-currency issuer default ratings of Interregional Bank for Settlements of the Telecommunications & Postal Services (Sviaz-Bank), Globex Commercial Bank JSC and Bank Rossiysky Capital (PJSC) at BB-. The long-term foreign- and local-currency issuer default ratings of Eurofinance Mosnarbank were affirmed at B+, with stable outlooks. The outlook on Sviaz-Bank and Globex was revised to stable from negative, while the ratings of Bank Rossjyky Capital were removed from Rating Watch Negative and assigned a positive outlook.
* Fitch affirmed Ulster Bank Ireland DAC's long-term issuer default rating at BBB and revised the outlook on the rating to positive from stable. Ulster Bank Ireland's F2 short-term issuer default rating and 2 support rating were also affirmed.
* Fitch affirmed the insurer financial strength rating of Germany-based mutual life insurer Alte Leipziger Lebensversicherung auf Gegenseitigkeit and nonlife unit Alte Leipziger Versicherung Aktiengesellschaft at A+, with stable outlooks.
* A.M. Best affirmed the financial strength rating of A (Excellent) and the long-term issuer credit rating of "a+" of Navigators Group Inc. unit Navigators International Insurance Company Ltd. The outlook on the ratings remains stable.
May 17
* S&P upgraded VP Bank AG's long- and short-term issuer credit ratings to A/A-1 from A-/A-2, and revised the outlook to stable from positive. The agency also affirmed LGT Bank AG's long- and short-term issuer credit ratings at A+/A-1 and revised the outlook on the long-term rating to positive from stable, among other rating actions.
* S&P reinstated Poland-based GetBack SA's B/B long- and short-term issuer credit ratings and lowered them to D/D. The ratings were on CreditWatch with negative implications when S&P suspended them.
* Fitch affirmed Russian National Reinsurance Co. JSC's insurer financial strength rating at BBB- with a positive outlook.
* ACRA assigned B+(RU) credit rating to Public Stock Co. Orient Express Bank with a stable outlook.
* S&P affirmed the long- and short-term issuer credit ratings of JSC Liberty Bank, Georgia-based unit of European Financial Group BV, at B/B. The outlook remains positive.
* S&P affirmed the long- and short-term ratings on DZ Bank AG unit DVB Bank SE at BBB/A-2. The outlook is negative.
* Fitch Crédit Agricole Group unit Agos Ducato SpA's A- long-term issuer default rating, F1 short-term issuer default rating and 1 support rating. The outlook on the long-term issuer default rating is stable.
* Fitch affirmed FCA Bank SpA's long-term issuer default ratings at BBB+. The outlook remains stable.
May 16
* Moody's upgraded Industrial & Commercial Bank of China Ltd. unit ICBC Standard Bank Plc's baseline credit assessment to "ba3" from "b1" and adjusted baseline credit assessment to "baa2" from "baa3." The rating agency also affirmed the bank's Baa3/Prime-3 long- and short-term deposit ratings, Baa3 long-term issuer rating and Baa2(cr)/Prime-2(cr) long- and short-term counterparty risk assessments. The outlook on the long-term deposit and issuer ratings remains stable.
* Moody's upgraded Sydbank A/S' long-term bank deposit and senior unsecured debt ratings to A2 from A3 and Baa1, respectively, and maintained the positive outlook on the ratings. At the same time, Moody's affirmed Jyske Bank A/S' Baa1 senior unsecured debt rating and changed the outlook to positive from stable, among other ratings actions.
* S&P assigned A+ insurer financial strength ratings to American International Group Inc.'s new subsidiaries, Luxembourg-based AIG Europe SA and U.K.-based American International Group UK Ltd. (AIG UK), with a negative outlook.
May 15
* Fitch revised to positive from stable the outlooks on the long-term issuer default ratings of Royal Bank of Scotland Group PLC and units Royal Bank of Scotland PLC, National Westminster Bank PLC, NatWest Markets PLC, Ulster Bank Ltd., Royal Bank of Scotland International Ltd., NatWest Markets Securities Inc. and NatWest Markets NV. The short-term issuer default ratings of all the banks were affirmed at F2, among other rating actions.
* Moody's upgraded Nedbank Group Ltd. unit Nedbank Private Wealth Ltd.'s long- and short-term deposit ratings to Baa2/Prime-2 from Baa3/Prime-3, with the outlook on the long-term ratings remaining stable. Also upgraded were Nedbank Private Wealth's baseline and adjusted baseline credit assessments to "baa2" from "baa3" and long-term counterparty risk assessment to Baa1(cr) from Baa2(cr). Its short-term counterparty risk assessment was affirmed at Prime-2(cr). Old Mutual PLC is the ultimate parent of Nedbank Private Wealth.
* Moody's maintained a negative outlook on Turkey's banking system, owing to the downside risks for funding and asset quality.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.
