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.

Jan. 30

* Fitch Ratings revised Zagrebacka Banka d.d.'s outlook to stable from negative. At the same time, Fitch affirmed the UniCredit SpA unit's BBB-/F3 long- and short-term issuer default ratings and its 2 support rating.

* Moody's affirmed Industrial & Commercial Bank of China Ltd. unit Industrial & Commercial Bank of China Standard Bank Plc's Baa3 long-term local- and foreign-currency issuer and bank deposit ratings and revised the outlook on both ratings to stable from negative. The agency also assigned the bank a "b1" baseline credit assessment, a "baa3" adjusted baseline credit assessment and Baa2(cr)/Prime-2(cr) long- and short-term counterparty risk assessments. The bank's short-term local- and foreign-currency deposit ratings were affirmed at Prime-3.

Jan. 27

* Fitch revised the outlook on Raiffeisen Zentralbank Österreich AG unit AO Raiffeisenbank to stable from negative and affirmed its long-term foreign- and local-currency issuer default ratings at BBB-. At the same time, the agency affirmed the ratings of UniCredit unit JSC UniCredit Bank, Citigroup Inc. unit AO Citibank and Société Générale SA units PJSC ROSBANK, LLC Rusfinance Bank and Commercial Bank DeltaCredit JSC. The outlooks on the five banks are stable. Additionally, Fitch affirmed and withdrew the six banks' AAA(rus) national long-term ratings.

* Fitch revised the outlook on Croatia's long-term foreign- and local-currency issuer default ratings to stable from negative, while affirming them at BB. Also affirmed were Croatia's BBB- country ceiling and B short-term foreign- and local-currency issuer default ratings.

* Fitch downgraded Turkey's long- and short-term foreign-currency issuer default ratings to BB+/B from BBB-/F3 and its country ceiling to BBB- from BBB. The country's long- and short-term local-currency issuer default ratings were affirmed at BBB-/F3. The outlooks on the long-term issuer default ratings are stable. S&P Global Ratings on the same day revised to negative from stable the outlook on Turkey's unsolicited long-term foreign- and local-currency ratings.

* Fitch upgraded PAO Bank ZENIT's long-term foreign- and local-currency issuer default ratings and senior unsecured debt rating to BB from BB- and removed them from Rating Watch Positive. Fitch also downgraded Bank Zenit's viability rating to "b+" from "bb-"; affirmed its B short-term foreign-currency issuer default rating; and upgraded its national long-term rating and national long-term senior unsecured debt rating to AA(rus) from A+(rus), among other ratings actions.

* S&P affirmed Azerbaijan's BB+/B long- and short-term foreign- and local-currency sovereign credit ratings. The outlook is negative.

* S&P affirmed Andorra's BBB-/A-3 long- and short-term foreign- and local-currency sovereign credit ratings. The outlook is stable.

* S&P affirmed Slovakia's A+/A-1 long- and short-term foreign- and local-currency sovereign credit ratings. The outlook is stable.

* S&P affirmed Liechtenstein's AAA/A-1+ long- and short-term sovereign credit ratings. The outlook is stable.

* Fitch affirmed Spain's BBB+ long-term foreign- and local-currency issuer default ratings, with a stable outlook. Also affirmed were the AA+ country ceiling, F2 short-term foreign- and local-currency issuer default ratings and BBB+/F2 long- and short-term issue ratings on Spain's senior unsecured foreign- and local-currency debt.

* Fitch affirmed Denmark's long-term foreign- and local-currency issuer default ratings at AAA, with a stable outlook. The agency also affirmed the issue ratings on Denmark's unsecured long- and short-term foreign- and local-currency debt ratings at AAA/F1+, its AAA country ceiling and F1+ short-term foreign- and local-currency issuer default ratings.

* DBRS confirmed Germany'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). The trend on all ratings is stable.

* DBRS confirmed Switzerland'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). The trend on both ratings is stable.

Jan. 26

* S&P took ratings actions on Austrian lenders Raiffeisen Bank International AG and Raiffeisen Zentralbank Österreich. RBI's long-term counterparty credit rating was upgraded to BBB+ from BBB, while RZB's long-term counterparty credit rating was affirmed at BBB+. The two banks' A-2 short-term counterparty credit ratings were also affirmed.

* Fitch upgraded the long-term foreign- and local-currency issuer default ratings of ProCredit Holding AG & Co. KGaA unit ProCredit Bank sh.a. to B+/BB- from B/B+. The outlook is stable. The bank's B short-term foreign- and local-currency issuer default ratings were affirmed.

Jan. 25

* Fitch affirmed the ratings of Oddo et Cie SCA and BHF-Bank AG, including their BBB- long-term issuer default ratings, F3 short-term issuer default ratings and "bbb-" viability ratings.

* Fitch affirmed Millennium BCP's long-term issuer default ratings at BB- with a stable outlook and its short-term issuer default ratings at B. The bank's "bb-" viability rating, 5 support rating and No Floor support rating floor were also affirmed.

Jan. 24

* S&P upgraded F&C Asset Management Plc's long- and short-term counterparty credit ratings to A-/A-1 from BBB+/A-2 and revised the outlook on the long-term ratings to stable from positive. The agency subsequently withdrew the ratings at the request of the issuer, which is now branded as BMO GAM Europe.

* Fitch affirmed and withdrew Sparebanken Vest's ratings for commercial reasons.

* Fitch withdrew the ratings of Banca Popolare di Milano SpA and Banco Popolare Società Cooperativa, which merged to become Banco BPM SpA. The agency also affirmed and withdrew the ratings of units Banca Aletti & C. SpA and Banca Akros SpA.

* Moody's affirmed Unione di Banche Italiane SpA's long- and short-term deposit ratings at Baa2/Prime-2 and its long-term issuer rating at Baa3 with a stable outlook. The bank's baseline credit assessment and adjusted baseline credit assessment of "ba2" and counterparty risk assessments of Baa2(cr)/Prime-2(cr) were also affirmed.

* Moody's changed to stable from negative the outlook on the long-term local- and foreign-currency deposit ratings of Credit Europe Bank NV and Credit Europe Bank Ltd. and affirmed the ratings at Ba2 and B1, respectively. At the same time, the agency affirmed the two companies' short-term local- and foreign-currency deposit ratings at Not Prime.

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