Fitch Ratings on Sept. 7 affirmed the BBB-/F3 long- and short-term issuer default ratings of Slovenia-based Banka Intesa Sanpaolo d.d. and Hungary-based CIB Bank Zrt. — both units of Italy's Intesa Sanpaolo SpA — and revised the outlook on the long-term ratings to negative from stable.
The rating agency also affirmed both lenders' support rating at 2. Banka Intesa Sanpaolo's "bb+" viability rating was unaffected, as was CIB Bank's "bb-" viability rating.
The outlook revision follows a similar action on the banks' Italian parent, with Fitch noting that the units' issuer default ratings are driven by support from their parent.