S&PGlobal Market Intelligence presents a weekly overview of ratings actions onEuropean financial institutions and economies. Ratings actions are listed byannouncement date in reverse chronological order.
Sept.26
* Moody's concluded its review for downgrade of 17 Turkishfinancial institutions, downgrading the long-term debt and deposit ratings ofseveral entities, including T.C.Ziraat Bankasi AS, Türkiye Is Bankasi AS and .
* Moody'sdowngraded Allianz Sigorta AS' insurance financial strengthrating to Baa2 from Baa1, concluding its review for downgrade initiated July19. The outlook on Allianz Group's Turkish unit is stable and mirrors thaton the Turkish sovereign. At the same time, the agency affirmed thenational-scale insurance financial strength rating on Allianz Sigorta at Aaa.tr.
* FitchRatings assigned UniCredit Bulbank AD a long-term issuer defaultrating of BBB, a support rating of 2 and a viability rating of"bb." The outlook on the UniCredit SpA unit's long-term issuer defaultrating is negative. At the same time the agency assigned the Bulgaria unita short-term issuer default rating of F2.
* Fitchupgraded Public Joint-Stock Social Commercial Bank of PrimoryePrimsotsbank's national long-term rating to A(rus) from A-(rus),with a stable outlook. Simultaneously, Fitch affirmed several ratings of thebank, Novosibirsk SocialCommercial Bank Levoberezhny (PJSC), PAO Chelindbank and .
*Fitch affirmed Rothschild & Co's N M Rothschild & Sons Ltd.'s long- and short-termissuer default ratings at BBB+ and F2, respectively. The outlook ispositive. At the same time, the agency affirmed the lender's viabilityrating at "bbb+", support rating at 5, support rating floor at NoFloor and simultaneously withdrew them.
*Moody's affirmed all ratings of ,including the Aa1 guaranteed long-term debt and deposit ratings with a stableoutlook.
*Fitch affirmed Lloyd'sof London's insurer financial strength rating at AA-. Fitch alsoaffirmed the Society of Lloyd's long-term issuer default rating at A+. Theoutlooks are stable.
Sept.24
*Moody's downgraded Turkey's long-term issuer and seniorunsecured bond ratings to Ba1 from Baa3 following a failed military coup in July. The ratings action lowersTurkey's rating to noninvestment grade. Moody's kept the outlook on the ratingstable.
Sept.23
*Moody's affirmed Tatra banka a.s.' Baa1/Prime-2 local- andforeign-currency deposit ratings and changed the outlook on the long-termratings to positive from stable. The rating agency also affirmedthe Raiffeisen BankInternational AG unit's "ba1" baseline creditassessment and adjusted baseline credit assessment and the A3(cr)/Prime-2(cr)long- and short-term counterparty risk assessments.
* Fitchupgraded Slovenia'slong- and short-term foreign- and local-currency issuer default ratings toA-/F1 from BBB+/F2 and revised the country ceiling to AAA from AA+. Theoutlooks on the long-term issuer default ratings are stable.
*S&P Global Ratings withdrew the ratings and transfer and convertibilityassessment of Kyrgyzstan at the country's request. Kyrgyzstan's B/B long- andshort-term foreign- and local-currency sovereign credit ratings were affirmedat the time of withdrawal. The outlook was stable.
*Moody's upgraded SCOR SE's insurance financial strength rating to Aa3from A1, while revising the outlook to stable from positive. The rating agencyalso upgraded the insurance financial strength ratings to Aa3 from A1 of SCORunits SCOR Global LifeSE, SCOR GlobalP&C SE, SCORSwitzerland AG and SCOR UK Co. Ltd. The outlook on the units waschanged to stable from positive.
*DBRS confirmed the ratings of including the A seniorunsecured debt and deposits ratings and the R-1 (low) short-term debt anddeposits ratings. The trend on all ratings is stable.
*Fitch affirmed Lithuania's long-term foreign- andlocal-currency issuer default ratings at A-, with stable outlooks. The countryceiling was affirmed at AAA, with the short-term foreign- and local-currencyissuer default ratings affirmed at F1.
*Fitch affirmed Germany's long-term foreign- andlocal-currency issuer default ratings at AAA with stable outlooks. Fitchaffirmed the short-term foreign- and local-currency issuer default ratings atF1+ and country ceiling at AAA.
*S&P affirmed the BB+/B long- and short-term counterparty creditratings on AO Gazprombankand its core Swiss and Luxembourgish subsidiaries andBank GPB InternationalSA. The outlook on all three entities is negative. At the sametime, the agency affirmed the "ruAA+" Russia national scale rating onGazprombank.
Sept.22
*S&P upgraded Magyar Export-Import Bank Zártköruen MuködoRészvénytársaság's long- and short-term issuer credit ratings toBBB-/A-3 from BB+/B, with a stable outlook.
* Moody's affirmed Banco Santander SA's Banco Santander Totta SA's long- and short-term depositratings at Baa3/Prime-3 and senior unsecured regular bond/debenture at Ba1. Atthe same time, Moody's affirmed the bank's baseline credit assessment at"ba3", its adjusted baseline credit assessment at "ba1" andits long- and short-term counterparty risk assessment at Baa3(cr)/Prime-3(cr).The outlook on the bank's long-term deposit and senior debt ratings remainsstable.
*S&P affirmed the BB+/B long- and short-termforeign-currency issuer credit ratings and BBB-/A-3 long- and short-termlocal-currency issuer credit ratings on Vnesheconombank. The outlook remains negative.
Sept.20
*Moody's downgraded OAO AKB Finprombank's long-term local- andforeign-currency deposit ratings to C from Caa2, with no outlook. The ratingagency also downgraded the bank's baseline credit assessment and adjustedbaseline credit assessment to "c" from "caa2" and itslong-term counterparty risk assessment to C(cr) from Caa1(cr). Moody's affirmedthe bank's Not Prime short-term local- and foreign-currency deposit ratings andits Not Prime(cr) short-term counterparty risk assessment. Subsequently, theagency said it will withdraw all of the ratings following the 's decision to revoke the lender's banking license Sept. 19.
*Moody's affirmed JSC Tinkoff Bank's B2/Not Prime long- and short-termlocal- and foreign-currency deposit ratings and revised the outlook on thelong-term ratings to positive from stable. Moody's also assigned the bank B2long-term global scale local-currency senior unsecured debt ratings andaffirmed its "b2" baseline and adjusted baseline credit assessmentsand B1(cr)/Not Prime(cr) counterparty risk assessments. Tinkoff Bank is a unitof TCS Group HoldingPlc.
*S&P revised itsoutlooks on several Russia-related financial institutions to stable fromnegative, following a similar ratings action on the country Sept. 16. S&P revised theoutlooks on JSC VTBBank and units VTB-Leasing JSC, VTB Leasing Finance OJSC, , VTB InsuranceLtd., VTB Bank(Kazakhstan) and VTB Bank (Deutschland) AG. In addition, the ratingagency revised the outlooks of BNP Paribas SA unit , , unit Industrial and Commercial Bank of China (Moscow)JSC and Credit Suisse Group AG unit .S&P affirmed the long- and short-term counterparty credit ratings of allthe companies.
* S&P affirmed the BB-/B long- and short-term counterpartycredit ratings on PAOPromsvyazbank. The outlook is negative. The agency also affirmedthe "ruAA-" Russia national scale rating on the bank.
*S&P affirmed theBB- long-term and B short-term counterparty credit ratings on . The outlook remainsnegative. At the same time, the agency affirmed the "ruAA-" long-termRussia national scale rating on the bank.
*Fitch affirmed Gothaer Allgemeine Versicherung AG's and 'sinsurer financial strength ratings at A and long-term issuer default ratings atA-. The outlooks are stable.
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