Fitch Ratings on Aug. 2 placed the A- long-term issuer default rating, F2 short-term issuer default rating and 5 support rating of Kas Bank NV on rating watch positive after Caceis SA's recommended public offer for the Dutch bank.

The move reflects the agency's assessment of a high likelihood that the transaction will be successfully executed.

The agency noted that once the acquisition is completed, the Netherlands-based bank will benefit from a high probability of support from Caceis parent Crédit Agricole Group.

Upon completion of the transaction, the agency is likely to withdraw the bank's support rating floor, which will no longer express the likelihood of sovereign support but the agency's assessment of institutional support available from Crédit Agricole.