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In This List

European ratings roundup through June 5

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Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory


European ratings roundup through June 5

S&P Global Market Intelligence presents a weekly overview of ratings actions on European financial institutions. Ratings actions are listed by announcement date in reverse chronological order.

June 5

* Moody's upgraded PJSC BANK URALSIB's long-term local- and foreign-currency deposit ratings to B3 from Caa1, with a positive outlook, citing improvements in its profitability and capital levels, among other factors. The agency also upgraded the bank's baseline and adjusted baseline credit assessments to "b3" from "caa2" and its long-term counterparty risk assessment to B2(cr) from B3(cr).

June 2

* Fitch Ratings downgraded PJSC Uraltransbank's long- and short-term foreign-currency issuer default ratings to CCC/C from B-/B and placed the ratings on Rating Watch Negative. The agency also downgraded the bank's viability rating to "ccc" from "b-" and placed the rating on Rating Watch Negative.

* S&P Global Ratings withdrew the "ruAAA" Russia national scale ratings of Eurasian Development Bank and VEB-Leasing JSC among other financial institutions following a change in Russian law that makes the ratings ineligible for regulatory purposes after July 14. The withdrawal of these ratings will not affect the global scale ratings of the financial institutions, S&P said.

* Moody's affirmed U.K.-based Itau BBA International Plc's long-term deposit and issuer ratings at A3 and revised the outlook to negative from stable. The outlook revision followed the agency's similar actions on Brazil-based parent Itaú Unibanco SA.

* Moody's assigned a first-time issuer rating of Baa1 and long- and short-term counterparty risk assessments of A3(cr)/Prime-1(cr) to Eika Boligkreditt AS, a specialized covered bond issuer owned by an alliance of 72 Norwegian savings banks. The assigned outlook on the issuer rating is stable.

June 1

* Fitch upgraded the long-term issuer default rating of Union de Banques Arabes et Françaises SA to A- from BBB+, with a stable outlook. The agency also upgraded the bank's short-term issuer default rating to F1 from F2 and support rating to 1 from 2 following an upgrade of the long-term issuer default rating of Crédit Agricole Group unit Crédit Agricole Corporate & Investment Bank, which has a 47.01% stake in the bank, to A+/stable from A/positive.

* Moody's withdrew Burgan Bank AS' Ba3/Not Prime long- and short-term foreign- and local-currency deposit ratings for its own business reasons. The outlook on Burgan Bank was stable at the time of withdrawal.

* Moody's maintained a stable outlook on the Spanish banking system, reflecting the rating agency's expectation of a continued reduction in problem loans and stable profitability in 2017-18. The outlook expresses the rating agency's expectation of how bank creditworthiness will evolve in Spain over the next 12-18 months.

* S&P Global Ratings affirmed Caja Laboral-Euskadiko Kutxa's long- and short-term counterparty credit ratings at BBB-/A-3. The outlook remains positive.

* A.M. Best affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb+" of Tryggingamidstodin hf. The outlook of these Credit Ratings (ratings) remains stable.

* DBRS Ratings confirmed Caixa Geral de Depósitos SA's issuer rating and the senior long-term debt and deposit rating at BBB(low), while the short-term debt and deposit rating was affirmed at R-2 (middle). The agency also affirmed the bank's long- and short-term critical obligations ratings of BBB (high)/R-1 (low). The trend is negative.

May 31

* S&P Global Ratings upgraded London Stock Exchange Group Plc's long-term counterparty credit rating and its senior unsecured rating to A- from BBB+ and affirmed its short-term counterparty credit rating at A-2. S&P also revised to stable from positive the outlook on the group. Simultaneously, the agency downgraded LCH Group Holdings Ltd.'s long-term counterparty credit rating to A from A+ and affirmed its short-term rating at A-1. LCH's outlook was revised to stable from negative.

* Moody's took ratings action on UniCredit SpA's German unit UniCredit Bank AG and UniCredit Luxembourg SA. The rating agency downgraded UniCredit Bank's long-term issuer rating and senior unsecured debt rating to Baa2 from Baa1, with the outlook on both ratings stable, and upgraded UniCredit Luxembourg's long- and short-term bank deposits ratings to A2/P-1 from A3/P-2 and the long-term counterparty risk assessment to A1(cr) from A2(cr).

* Fitch upgraded FCA Bank SpA's long-term issuer default rating to BBB+ from BBB, with a stable outlook. Crédit Agricole Group unit Crédit Agricole SA owns 50% of FCA Bank via Crédit Agricole Consumer Finance SA.

* Fitch assigned a long-term issuer default rating of BBB to Janus Henderson Group Plc, formed after the merger between Janus Capital Group Inc. and Henderson Group plc. The outlook is positive.

* S&P affirmed the long- and short-term counterparty credit ratings and maintained the negative outlooks on HSBC Holdings Plc unit HSBC Bank Plc, Lloyds Banking Group Plc and Banco Santander SA unit Santander UK Plc. The rating agency also affirmed the long- and short-term counterparty credit ratings on Santander UK Group Holdings Plc and maintained the stable outlook. The long- and short-term counterparty credit ratings of Royal Bank of Scotland Group Plc and its core U.K. banking subsidiaries were also affirmed by S&P while maintaining stable outlooks.

* S&P affirmed Barclays Plc's long- and short-term counterparty credit ratings at BBB/A-2. It also affirmed Barclays Bank Plc's counterparty credit ratings at A-/A-2. The outlook for both entities remained negative.

* Fitch affirmed the long-term issuer default ratings of Allianz Group unit Allianz Bank Bulgaria AD, Société Générale SA unit Societe Generale Expressbank AD and leasing company Sogelease Bulgaria EOOD at BBB+. The rating agency also affirmed ProCredit Holding AG & Co. KGaA unit ProCredit Bank (Bulgaria) EAD's long-term issuer default ratings at BBB-. The outlooks are stable. Fitch has also affirmed the three banks' viability ratings.

* CI Ratings affirmed Attica Bank SA's Financial Strength Rating (FSR) at 'C' and outlook revised to Positive.

May 30

* S&P Global assigned Janus Henderson Group Plc a BBB+ issuer credit rating with a stable outlook. The agency also raised the long-term issuer credit rating of Janus Capital Group Inc., which merged with Henderson Group plc to form Janus Henderson Group, to BBB+ from BBB and affirmed its short-term issuer credit rating at A-2, before withdrawing both ratings.

* S&P revised to positive from negative the outlook on Raiffeisen Bank International AG. At the same time, the agency affirmed the Austrian lender's BBB+/A-2 long- and short-term counterparty credit ratings and its BBB+ senior unsecured debt rating.

* S&P revised the outlook on Georgia-based JSC Liberty Bank to positive from stable and affirmed its long- and short-term counterparty credit ratings at B/B.

* Moody's changed its outlook on Moscow-based PJSC Stock Commercial Bank Metallurgical Investment Bank's B2 long-term local- and foreign-currency deposit ratings to positive from stable. The rating agency also affirmed Metallinvestbank's long-term counterparty risk assessment of B1(cr) and the bank's short-term counterparty risk assessment of Not Prime(cr).

* Moody's withdrew the A2 insurance financial strength rating and stable outlook of Lloyd's Syndicate - 2007 (Novae Syndicates Ltd.) for its own business reasons. Syndicate 2007 is the main insurance operating entity of Novae Group Plc.

* Fitch Ratings affirmed IHS Markit Ltd. long-term issuer default rating and senior unsecured notes at BBB. The rating agency also affirmed the long-term issuer default rating of IHS Markit's subsidiary Markit Group Holdings Ltd. at BBB.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.