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EMEA ratings roundup, Oct. 12

S&P Global Market Intelligence presents a daily summary of ratings actions on European, Middle Eastern and African financial institutions and economies.


* Moody's upgraded Portugal's ratings and revised its outlook to stable from positive. The rating agency also raised Portugal's domestic and foreign long-term issuer, domestic and foreign senior unsecured and domestic senior unsecured MTN program ratings to Baa3/(P)Baa3 from Ba1/(P)Ba1, and the foreign commercial paper and domestic other short-term ratings to P-3/(P)P-3 from NP/(P)NP.

* DBRS also confirmed Portugal's long- and short-term foreign- and local-currency issuer ratings at BBB/R-2 (high), with a stable trend.

* S&P Global Ratings raised Poland's long-term foreign-currency sovereign credit rating to A- from BBB+, and its long-term local-currency sovereign credit rating to A from A-, with stable outlooks. The agency also raised the country's short-term local currency sovereign credit rating to A-1 from A-2, and affirmed the A-2 short-term foreign currency sovereign credit rating.

* Fitch Ratings affirmed Poland's A- long-term foreign- and local-currency issuer default ratings, with a stable outlook. The country's short-term foreign- and local-currency issuer default ratings were affirmed, respectively, at F2 and F1, as well as its country ceiling at AA-.

* Moody's lowered Danske Bank A/S' long-term deposit and senior unsecured debt ratings to A2 from A1, with a negative outlook, and its junior senior unsecured debt ratings to Baa2 from Baa1 and baseline credit assessment to "baa1" from "a3."

* DBRS confirmed the A (high)/R-1 (middle) long- and short-term foreign- and local-currency issuer ratings of Slovakia, with a stable trend.

* Fitch affirmed the long- and short-term issuer default ratings of Bank Handlowy w Warszawie SA, Santander Bank Polska SA and ING Bank Śląski SA at A-/F1, BBB+/F2 and A/F1, respectively, with stable outlooks on the long-term ratings. The rating agency also affirmed the "bbb+" viability ratings of Santander Bank Polska and ING Bank Śląski and that of Handlowy at "a-". Also affirmed were the support ratings of Handlowy and ING Bank Śląski at 1 and that of Santander Bank Polska at 2.

* Fitch downgraded Credit Europe Bank Ltd.'s support rating to 5 from 4 and removed the rating from Rating Watch Negative, following the completion of its spin-off. The rating agency also assigned the Russian bank a support rating floor of No Floor. The lender's long-term issuer default rating of BB- with a stable outlook, B short-term rating and "bb-" viability rating were unaffected.

Meanwhile, Fitch affirmed the Netherlands-based Credit Europe Bank NV's long- and short-term issuer default ratings at BB-/B, with a stable outlook on the long-term rating, and removed the long-term rating from Rating Watch Positive. Also affirmed were the bank's "bb-" viability rating, which was also removed from Rating Watch Positive, No Floor support rating floor and 5 support rating.

* ACRA upgraded Vozrozhdenie Bank's credit rating to A-(RU), with a stable outlook.


* Moody's revised the outlook on the Republic of the Congo's issuer ratings to stable from negative while affirming the Caa2 ratings, citing its expectation that negotiations to restructure the government's debt would not trigger a default.

* S&P affirmed the B/B long- and short-term sovereign credit ratings of Cameroon and Ethiopia, with stable outlooks on the long-term ratings.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.

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