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European ratings roundup through July 25

S&P Global MarketIntelligence presents a weekly overview of ratings actions on Europeanfinancial institutions and economies. Ratings actions are listed byannouncement date in reverse chronological order.

July 25

*S&P Global Ratings revised to stable from negative the outlooks onJ. Safra Sarasin HoldingLtd. units Switzerland-based Bank J. Safra Sarasin AG and . The rating agency also affirmed both entities' long- andshort-term counterparty credit ratings at A/A-1.

*S&P downgradedAchmea BV'scounterparty credit and insurer financial strength ratings to BBB+ from A-. Therating agency also lowered the counterparty credit and insurer financialstrength ratings of AchmeaSchadeverzekeringen NV, Achmea Zorgverzekeringen N.V. and to A from A+. In addition, S&P lowered the ratings ofAchmea Bank NV andAchmea Reinsurance Co.NV to A- from A. The outlook is stable.

*S&P revised theoutlook on VP Bank AGto stable from negative and affirmed the lender's long- and short-termcounterparty credit ratings at A-/A-2.

*S&P affirmedthe B-/B long- and short-term issuer credit ratings on . The outlook is stable.

July 22

*S&P downgradedthe long-term counterparty credit ratings of Türkiye Is Bankasi AS, and unitGaranti Finansal KiralamaAS, Yapi ve KrediBankasi AS and Türkiye Vakiflar Bankasi TAO to BB from BB+. Theshort-term counterparty credit ratings of Isbank, Garanti Finansal, Yapi veKredi and Vakifbank were affirmed at B. The agency also downgraded thelong-term Turkey national scale ratings on Isbank, Vakifbank and Yapi ve Kredito "trAA-" from "trAA+". The outlook on all entities isnegative.The ratings actions follow the failed coup in Turkey.

*S&P downgradedTürkiye Ihracat Kredi BankasiAS's foreign- and local-currency ratings to BB/B and BB+/B fromBB+/B and BBB-/A3, respectively. The outlook is negative.

*Fitch Ratings upgraded the long-term foreign-currency issuer defaultratings of JSCB Uzbek Industrial& Construction Bank, or UPSB, , Joint StockCommercial Bank Agrobank and Mikrokredit Bank of Uzbekistan to Bfrom B-, with stable outlooks. The agency also upgraded the support rating andrevised the support rating floor of all four banks to 4 from 5 and B from B-,respectively. The viability ratings of UPSB and Asaka were upgraded to"b" from "b-" and that of Agrobank to "b-" from"ccc". In addition, S&P upgraded Agrobank's long-termlocal-currency issuer default ratings to B from B- and affirmed UPSB, Asaka andMikrokredit's at B, all with stable outlooks.

*S&P affirmedthe B-/B long- and short-term foreign- and local-currency sovereign creditratings of Greece. The outlook is stable.

*S&P affirmedthe AA-/A-1+ long- and short-term foreign-currency and the AA/A-1 long- andshort-term local-currency sovereign credit ratings of Czech Republic. Theoutlook is stable.

*Fitch affirmedSlovenian composite insurer Adriatic Slovenica Zavarovalna druzba d.d.'s BBB-insurer financial strength rating and holding company 's BBissuer default rating. The outlooks on both ratings are stable.

July 21

* S&P upgraded the long-term foreign- and local-currencycounterparty credit ratings of OTP Bank Nyrt. and unit to BB+ from BB,with stable outlooks. The rating agency affirmed the banks' B short-termforeign- and local-currency counterparty credit ratings. S&P also affirmedMagyar Takarékszövetkezeti BankZrt.'s BB/B long- and short-term foreign- and local-currencycounterparty credit ratings, with a stable outlook.

*DBRS downgradedTurkey's long-term foreign- and local-currency issuer ratings toBB(high)/BBB(low). DBRS also downgraded the short-term foreign- andlocal-currency issuer ratings to R-3/R-2(middle). The trend on all ratings isnegative.

*Fitch affirmedInternational Personal FinancePlc's long-term issuer default rating at BB+ and short-term issuerdefault rating at B. The outlook on the long-term issuer default rating isstable.

*S&P affirmedthe A insurer financial strength and counterparty credit ratings of 's coreinsurance operating entities, ASRLevensverzekering N.V. and ASR Schadeverzekering N.V. At the sametime, the agency affirmed the BBB+ counterparty credit rating on holdingcompany ASR Nederland. The outlook on all three entities is stable.

*DBRS confirmedthe senior unsecured long-term debt rating of at A (high) and theshort-term debt rating at R-1 (middle).

July 20

* S&P Turkey's foreign- andlocal-currency sovereign credit ratings to BB/B and BB+/B from BB+/B andBBB-/A-3, respectively, and revised the outlooks to negative from stable. Italso lowered the country's Turkey national scale rating to "trAA+"from "trAAA" and revised the transfer and convertibility assessmentto BBB- from BBB.

* Fitch long-term foreign- andlocal-currency issuer default ratings of BBB and BBB+, with stable outlooks,and short-term foreign- and local-currency issuer default ratings of F2. Fitchalso assigned the Turkish lender a viability rating of "b+," asupport rating of 2 and a national long-term rating of AAA(tur), with a stableoutlook.

*Moody's upgradedBank Julius Baer LuxembourgSA's long- and short-term local- and foreign-currency bank depositratings to A1/Prime-1 from Baa1/Prime-2. The long-term rating was assigned astable outlook. The rating agency also upgraded the lender's long- andshort-term counterparty risk assessments to Aa3(cr)/Prime-1(cr) fromA3(cr)/Prime-2(cr), its baseline credit assessment to "baa1" from"baa3" and its adjusted baseline credit assessment to "a3"from "baa3". Moody's withdrew all of Julius Baer Luxembourg'sratings. Bank Julius Baer Luxembourg was acquired by .

*S&P affirmedthe BBB+ long-term and A-2 short-term counterparty credit ratings of and its core subsidiary BBVA Global Markets B.V. The outlook isstable.

*S&P affirmedCredit Suisse AG's A/A-1 long- and short-term issuercredit ratings and Credit SuisseGroup AG's BBB+long-term rating. The outlook on both entities remains stable.

*Fitch affirmedTürkiye Is Bankasi ASunit Anadolu Anonim Türk SigortaSirketi's insurer financial strength rating at BBB- and nationalinsurer financial strength rating at AA+(tur). The outlooks are stable.

*Fitch affirmedMAPFRE SA'sMapfre Genel SigortaAS's national insurer financial strength rating at AA(tur). Theoutlook is stable.

*Fitch affirmedPrudential Plc'slong-term issuer default rating at A+ and unit 'sinsurer financial strength rating, both with stable outlooks.

*S&P affirmedthe AA- long-term counterparty credit and insurer financial strength ratings onthe core subsidiaries within the Legal & General Group Plc. At the same time, theagency affirmed the A/A-1 long- and short-term counterparty credit ratings onLegal & General Group. S&P also affirmed the A+ rating on Legal &General Reinsurance Co. Ltd. The outlook on the long-term ratings is stable.

*S&P affirmedUniCredit SpA'sBBB-/A-3 long- and short-term counterparty credit ratings. The outlook remainsstable. At the same time, the agency affirmed the BBB+/A-2 long- and short-termcounterparty credit ratings on BankPekao SA. The outlook remains negative.

July 19

*S&P revised itsoutlook on Deutsche BankAG to negative from stable and affirmed the BBB+/A-2 issuer credit ratingson the bank. At the same time, the agency revised the outlook on certainDeutsche Bank branches and subsidiaries to negative from stable. The ratings ofthese entities were affirmed.

*Moody's took various ratings actionson certain Crédit AgricoleGroup subsidiaries, including upgrading the long-term debt anddeposit ratings of Crédit AgricoleSA and CréditAgricole Corporate & Investment Bank to A1 from A2 and revisedthe outlook on the ratings to stable from positive. In addition, Moody'supgraded Crédit Agricole SA's baseline credit assessment to "baa3"from "ba1" and its adjusted baseline credit assessment to"baa1" from "baa2" and both units' long-term counterpartyrisk assessments to Aa3(cr) from A1(cr). Meanwhile, Moody's upgradedItaly-based FCA Bank SpA'slong-term deposit ratings to A3 from Baa1, long-term issuer ratings to Baa1from Baa2 and the adjusted baseline credit assessment to "baa3" from"ba1." The outlook on FCA Bank's long-term ratings is stable. CréditAgricole Group owns 50% of the Italian bank through unit Crédit Agricole Consumer Finance SA.

*Moody's placed 17 Turkish banks on review for downgrade. The lenders are , Commercial Bank (Q.S.C.)'s , 's , 's , 's , 's , 's , , , 's , 's Türkiye GarantiBankasi AS, TürkiyeHalk Bankasi AS, Türkiye Is Bankasi AS and unit ,Türkiye Vakiflar BankasiTAO, Yapi ve KrediBankasi AS and Export Credit Bank of Turkey AS.

*S&P affirmedHrvatska banka za obnovu irazvitak's BB/B long- and short-term issuer credit ratings. Theoutlook remains negative.

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