Moody's on Aug. 21 assigned ING Bank Śląski SA's mortgage unit ING Bank Hipoteczny Baa1/Prime-2 long- and short-term issuer ratings, with a stable outlook on the long-term rating.
The rating agency assigned the Polish lender A2/Prime-1 long- and short-term counterparty risk ratings and A2(cr)/Prime-1(cr) long- and short-term counterparty risk assessments.
Moody's said ING Bank Hipoteczny's long-term issuer rating reflects ING Bank Śląski's full ownership of the unit, as well as its strategic fit and high operational integration within the group and the parent company's commitment to maintain the capital and liquidity of its subsidiary at satisfactory levels and within regulatory requirements.
However, in the absence of a full and irrevocable guarantee obligation of ING Bank Slaski to stand in for ING BH's obligations, it set ING BH's Baa1 issuer ratings a notch below the level it would have assigned to ING Bank Slaski's senior unsecured debt.
The mortgage bank's stable outlook is based on the stable outlook on ING Bank Śląski.
ING Groep NV is the ultimate parent of ING Bank Śląski and ING Bank Hipoteczny.
