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. 23

* Moody's upgraded Millennium BCP's baseline and adjusted baseline credit assessment to "b2" from "b3" and affirmed its B1 long-term deposit and senior debt ratings, with a stable outlook, and Ba2(cr) long-term counterparty risk assessment.

Jan. 20

* DBRS downgraded Intesa Sanpaolo SpA's senior long-term debt and deposits rating to BBB (high) from A (low), with a stable trend. The bank's intrinsic assessment was lowered to BBB (high) from A(low) and its short-term debt and deposits rating was confirmed at R-1, with a stable trend.

* S&P Global Ratings affirmed Greece's B-/B long- and short-term foreign- and local-currency sovereign credit ratings, with a stable outlook.

* S&P affirmed the Czech Republic's long- and short-term foreign-currency sovereign credit ratings at AA-/A-1+ and its long- and short-term local-currency sovereign credit ratings at AA/A-1+. The outlook is stable.

* Fitch Ratings affirmed the A insurer financial strength ratings and A- long-term issuer default ratings of Gothaer Allgemeine Versicherung AG and Gothaer Lebensversicherung AG, owned by Gothaer Versicherungsbank VVaG. The outlooks are stable.

* Fitch affirmed Armenia's B+ long-term foreign- and local-currency issuer default ratings, with a stable outlook. Also affirmed were the country's B short-term foreign- and local-currency issuer default ratings and BB- country ceiling.

* Fitch affirmed Romania's BBB- long-term foreign- and local-currency issuer default ratings, with a stable outlook, along with the BBB+ country ceiling and F3 short-term foreign- and local-currency issuer default ratings.

Jan. 19

* Fitch affirmed the BBB- long-term issuer default ratings of Iccrea Banca SpA and main subsidiary Iccrea BancaImpresa SpA, with evolving outlooks. The agency also affirmed the banks' F3 short-term issuer default ratings, "bbb-" viability ratings, 5 support ratings and No Floor support rating floors.

Jan. 18

* Fitch assigned Commerzbank AG's mBank SA and mBank Hipoteczny SA national long- and short-term ratings of AA-(pol)/F1+(pol) and affirmed the banks' long- and short-term foreign-currency issuer default ratings at BBB/F2. Also affirmed were the lenders' support ratings of 2 and mBank's "bbb-" viability rating. The agency also affirmed Millennium BCP Polish unit Bank Millennium SA's long- and short-term foreign-currency issuer default ratings at BBB-/F3 and its national long-term rating at A(pol). The outlook on all long-term ratings is stable.

* Moody's affirmed the Baa2 long-term deposit and issuer ratings of CaixaBank SA and changed the outlook to stable from negative. The agency also affirmed the bank's baseline and adjusted baseline credit assessments at "ba1" and its long-term counterparty risk assessment at Baa1(cr).

* S&P revised the CreditWatch status on the BB- long-term counterparty credit rating of Banco BPI SA and core unit Banco Português de Investimento SA to positive from developing and affirmed the two institutions' B short-term ratings. Meanwhile, Moody's upgraded BPI's adjusted baseline credit assessment to "ba3" from "b1" and its long-term counterparty risk assessment to Ba1(cr) from Ba2(cr). The agency also confirmed the bank's "b1" baseline credit assessment and Ba3 long-term senior debt and deposit ratings. The outlook on the long-term senior debt and deposit ratings is stable.

Jan. 17

* Moody's placed on review with direction uncertain JSC Kazkommertsbank's B3 long-term local- and foreign-currency bank deposit ratings, Caa2 senior unsecured foreign-currency debt ratings and B2(cr) long-term counterparty risk assessment. The previous outlook on the bank was negative. The agency also downgraded the bank's baseline and adjusted baseline credit assessments to "ca" from "caa2".

* Fitch assigned Dexia Crédit Local SA a BBB+(dcr) derivative counterparty rating and affirmed its BBB+/F2 long- and short-term issuer default ratings. The outlook on the long-term rating is stable. Also affirmed were the Dexia SA unit's BBB+ support rating floor and 2 support rating. Fitch also affirmed Italian subsidiary Dexia Crediop SpA's BBB-/F3 long- and short-term issuer default ratings and 2 support rating, while withdrawing them for commercial reasons.

* Fitch affirmed the AAA long-term issuer default rating of FMS Wertmanagement AöR, with a stable outlook. The rating agency also affirmed the bank's short-term issuer default rating at F1+, its support rating at 1, its derivative counterparty rating at AAA(dcr) and its support rating floor at AAA. All ratings were subsequently withdrawn for commercial reasons.

* Fitch affirmed the AAA long-term issuer default rating of Erste Abwicklungsanstalt, with a stable outlook, along with its F1+ short-term issuer default rating, 1 support rating and AAA(dcr) derivative counterparty rating.

* Fitch affirmed KA Finanz AG's BBB+ long-term issuer default rating, with a stable outlook, along with its F2 short-term issuer default rating, 2 support rating and BBB+ support rating floor.

* Fitch affirmed the A long-term issuer default ratings of Crédit Immobilier de France Développement SA and unit Caisse Centrale du Crédit Immobilier de France SA, with stable outlooks, and affirmed the banks' F1 short-term issuer default ratings, 1 support ratings and A support rating floors.

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