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.
March 26
* Fitch Ratings affirmed Russia-based OAO AKB SKB-Bank's ratings, including its B-/B long- and short-term issuer default ratings and "b-" viability rating, and subsequently withdrew them for commercial reasons. The long-term issuer default rating carried a stable outlook.
* Fitch affirmed Belgium-based KBC Verzekeringen NV 's and Luxembourg-based KBC Group Re SA's insurer financial strength ratings at A+ (Strong) and the former's long-term issuer default rating at A, with stable outlooks. The ratings were subsequently withdrawn for commercial reasons.
* S&P Global Ratings upgraded Instituto de Crédito Oficial's long-term foreign- and local-currency issuer credit and senior unsecured ratings to A- from BBB+, with a positive outlook. The Spanish bank's short-term issuer credit ratings were affirmed at A-2.
* S&P affirmed DNB Bank ASA's
* Fitch affirmed the BBB+ long-term issuer default rating and "bb+" viability rating of Italy's Banca Nazionale del Lavoro SpA, with a stable outlook on the long-term rating.
* S&P lowered U.K.-based financial services software provider Finastra Group Holdings Ltd.'s long-term issuer credit rating to B- from B, with a stable outlook.
March 24
* DBRS confirmed Austria's long-term foreign- and local-currency issuer ratings at AAA and its short-term foreign- and local-currency issuer ratings at R-1 (high), with a stable trend on all ratings.
March 23
* S&P Global Ratings raised the unsolicited long-term sovereign credit ratings of Spain to A- from BBB+, with a positive outlook, citing the country's strong economic performance and continuing budgetary consolidation despite political tensions stemming from Catalonia's failed independence bid.
* S&P upgraded Croatia's long-term foreign- and local-currency sovereign credit ratings to BB+ from BB with a stable outlook, citing the country's improved external position.
* Moody's took several actions on the ratings of Crédit Mutuel Group units Banque Fédérative du Crédit Mutuel SA, Crédit Industriel et Commercial SA
* Moody's and Fitch took positive ratings actions on Credito Valtellinese SpA, following the successful completion of the Italian lender's €700 million rights issue. Moody's affirmed Creval's Ba3/Not Prime long- and short-term bank deposit ratings and revised the outlook on the long-term rating to positive from developing, while Fitch upgraded the bank's long-term issuer default rating to BB- from B-, removed the rating from Rating Watch Evolving and assigned it a positive outlook.
* Moody's placed on review for upgrade Depfa Bank Plc's
* Moody's upgraded ING Bank Slaski SA's long- and short-term deposit ratings to A2/P-1 from A3/P-2 and revised the outlook on the long-term ratings to stable from positive. The rating agency also upgraded the ING Groep NV
* Moody's affirmed Bank Millennium SA's
* Moody's affirmed PJSC Sovcombank's long- and short-term global- and local- and foreign-currency deposit ratings at Ba3/NP, long- and short-term counterparty risk assessments at Ba2(cr)/NP(cr) and baseline credit assessment at "ba3." The long-term ratings had stable outlooks.
* Fitch affirmed Switzerland's and Norway's long-term foreign-currency issuer default rating at AAA, with stable outlook.
* S&P also affirmed Norway's long- and short-term issuer credit ratings at AAA/A-1+, with stable outlook.
* S&P affirmed Malta's long- and short-term sovereign credit ratings at A-/A-2, with positive outlook.
* S&P affirmed Latvia's long- and short-term foreign- and local-currency sovereign credit ratings at A-/A-2, with a positive outlook.
* S&P affirmed the unsolicited long- and short-term sovereign credit ratings of Belgium at AA/A-1+, with a stable outlook.
* DBRS confirmed Skandinaviska Enskilda Banken AB's
* DBRS also confirmed Nordea Bank AB (publ)'s
March 22
* Moody's affirmed the long-term deposit and debt ratings of Millennium BCP
* S&P kept the B+ long-term global scale issuer credit rating and kzBBB- long-term Kazakhstan national scale rating of Kazakhstan-based JSC Kazkommertsbank on CreditWatch with positive implications. At the same time, the agency affirmed the bank's B short-term issuer credit rating and removed it from CreditWatch positive, where it was placed in error previously.
* Moody's assigned Mediobanca - Banca di Credito Finanziario SpA
* Fitch revised the outlook on JSC ProCredit Bank Georgia's long-term foreign- and local-currency issuer default ratings to positive from stable, while affirming the ratings at BB. The bank's short-term foreign- and local-currency issuer default ratings were affirmed at B.
* Moody's upgraded Kutxabank SA's long- and short-term bank deposit rating to Baa2/Prime-2 from Baa3/Prime-3 and revised the outlook on the long-term rating to stable from positive. The Spanish lender's baseline and adjusted baseline credit assessments were also upgraded to "baa2" from "baa3."
* S&P affirmed the BB-/B long- and short-term issuer credit ratings of Russian lenders Sovcombank and JSCB RosEvroBank (JSC), with stable outlooks.
* S&P affirmed the AA-/A-1+ long- and short-term issuer credit ratings of Euroclear Investments SA/NV
March 21
* Moody's upgraded the long-term foreign-currency bank deposits of Belarus state-owned lenders JSC Belagroprombank, Belarusian Bank for Development & Reconstruction Belinvestbank JSC and OAO Belarusbank, as well as that of PAO Sberbank of Russia unit OJSC BPS-Sberbank, to Caa1 from Caa2, among other ratings. The outlooks on the four Belarusian banks are stable.
* Fitch revised to positive from stable the outlooks on the long-term foreign- and local-currency issuer default ratings of Russian lenders Sovcombank and RosEvroBank after affirming them at BB-. The banks' B short-term foreign-currency issuer default ratings and "bb-" viability ratings were also affirmed, while RosEvroBank's 5 support rating was placed on rating watch positive.
* S&P withdrew PerMicro SpA's B- long-term counterparty credit rating at the Italian microfinance company's request. At the time of withdrawal, the rating carried a stable outlook.
* S&P upgraded United Bulgarian Bank AD's long- and short-term issuer credit ratings to BBB-/A-3 from BB+/B and revised the outlook to stable from positive. The ratings were subsequently withdrawn at the company's request.
* Moody's revised to stable from negative the outlook on Volkswagen Financial Services AG's and Volkswagen Bank GmbH's A3 senior unsecured debt and long-term issuer ratings, as well as that on Volswagen Bank's A1 long-term bank deposits rating. All the ratings were affirmed, as were the P-1 short-term deposit ratings of Volkswagen Bank.
* Fitch affirmed Poland-based Europejski Fundusz Leasingowy SA's long- and short-term issuer default ratings at A/F1 and its long- and short-term national rating at AAA(pol)/F1+(pol), with stable outlooks on the long-term ratings.
March 20
* Moody's assigned Spain-based Criteria Caixa S.A. Sociedad Unipersonal
* Moody's assigned KazAgro National Management Holding JSC Ba1/Not-Prime long- and short-term issuer ratings, with a stable outlook on the long-term rating, and Aa2.kz long-term national scale issuer rating.
* S&P affirmed Italy-based Poste Italiane SpA's long- and short-term issuer credit ratings at BBB/A-2, with a stable outlook.
* Fitch affirmed Etablissement Public à caractère Industriel et Commercial Bpifrance's
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.
