Fitch affirmed the BBB- long-term foreign- and local-currency issuer default ratings of Russian units of several foreign banks Dec. 5.
The entities are HSBC Holdings Plc unit HSBC Bank (RR) LLC, Bank of China Ltd. unit JSCB BANK OF CHINA (RUSSIA), China Construction Bank Corp. unit China Construction Bank (Russia) Ltd., Crédit Agricole Group unit Credit Agricole Corporate and Investment Bank JSC, ING Groep NV unit ING BANK (EURASIA) JSC, Nordea Bank AB (publ) unit JSC Nordea Bank, Danske Bank A/S unit AO Danske Bank and Skandinaviska Enskilda Banken AB unit SEB Bank JSC.
The banks' support ratings of 2 were also affirmed.
The agency affirmed the short-term foreign-currency issuer default ratings of HSBC Bank, Bank of China, China Construction Bank, ING Bank, Nordea Bank, Danske Bank and SEB Bank at F3. The agency also affirmed at F3 Credit Agricole's short-term foreign- and local-currency issuer default ratings.
Credit Agricole Corporate and Investment Bank's issuer default ratings and support ratings were subsequently withdrawn for commercial reasons.
The ratings reflect potential support for the Russian banks from their parent companies in case of need, Fitch said.
