Moody's on March 23 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 unit's baseline credit assessment to "baa2" from "baa3," adjusted baseline credit assessment to "baa1" from "baa2" and long-term counterparty risk assessment to A1(cr) from A2(cr). The Polish unit's short-term counterparty risk assessment was affirmed at P-1(cr).

Moody's said the upgrades reflect the bank's solid track record and increasing diversification of its loan book. The stable outlook primarily reflects the agency's expectation of the bank's strong performance to continue on the back of the supportive operating environment in Poland.