S&P Global Market Intelligence presents a weekly overview of ratings actions on European financial institutions and economies. Ratings actions are listed by announcement date in reverse chronological order.
Dec. 11
* Fitch Ratings upgraded the long- and short-term issuer default ratings of Société Générale SA unit Societe Generale Expressbank AD, Sogelease Bulgaria and KBC Group NV unit United Bulgarian Bank AD to A-/F1 from BBB+/F2, with a stable outlook on the long-term ratings, among other ratings actions. Also affirmed was Allianz Group unit Allianz Bank Bulgaria AD's long- and short-term issuer default ratings at BBB+/F2, with a stable outlook on the long-term rating.
Dec. 9
* DBRS confirmed Poland's long-term foreign and local currency-issuer ratings at A. The short-term foreign and local currency-issuer ratings have been confirmed at R-1 (low). The trend on all ratings is stable.
Dec. 8
* Fitch upgraded Iceland's long-term foreign- and local-currency issuer default ratings to A from A-, with a stable outlook.
* S&P affirmed the long- and short-term foreign and local currency sovereign credit ratings on Estonia at AA-/A-1+, with a stable outlook.
* S&P affirmed the long- and short-term issuer credit ratings on JSCB RosEvroBank (JSC) at BB-/B, with a stable outlook.
* A.M. Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of "aa-" of the main non-life insurance subsidiaries of Zurich Insurance Group AG.
* A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" of Société Hospitalière d'Assurances Mutuelles (Sham) (France). The outlook of these Credit Ratings remains stable.
* Fitch affirmed Poland's long-term foreign- and local-currency issuer default ratings at A- with a stable outlook. Also affirmed were the short-term foreign- and local-currency issuer default ratings at F2/ F1; and the country ceiling at AA-.
* Fitch affirmed the long- and short-term issuer default ratings of Commerzbank AG units mBank SA and mBank Hipoteczny SA at BBB/F2 and Millennium BCP unit Bank Millennium SA at BBB-/F3. Also affirmed were the support ratings on mBank SA and mBank Hipoteczny at 2 and on Bank Millennium at 4; and the viability ratings of mBank and Bank Millennium at "bbb-."
Dec. 7
* Moody's upgraded CaixaBank SA unit Banco BPI SA's long- and short-term deposit ratings to Baa3/Prime-3 from Ba3/Not Prime and senior unsecured debt rating to Ba1 from Ba3, and revised the outlook on the long-term ratings to positive from stable.
* Moody's upgraded to Baa1 from Baa2 the long-term deposit ratings of CYBG Plc unit Clydesdale Bank Plc, among other ratings.
* DBRS upgraded Santander Totta SGPS SA's long-term issuer, deposits and senior debt rating to A (low) from BBB (high). The rating agency confirmed the bank's short-term issuer, deposits and debt rating at R-1 (low), while its support assessment remains at SA1. The trend on all the ratings remains stable, in line with parent Banco Santander SA.
* Moody's downgraded Sweden-based Sparbanken Syd's baseline credit assessment and adjusted BCA to "baa3" from "baa2," following SBAB Bank AB (publ)'s decision to terminate an asset purchase program it had established with Sparbanken Syd to fund the bank's mortgages. Also downgraded were the bank's long- and short-term counterparty risk assessments to A3(cr)/P-2(cr) from A2(cr)/P-1(cr), among other ratings actions.
* Fitch revised the outlook on KBC Group NV unit KBC Bank NV to positive from stable. The rating agency affirmed the A long-term issuer default rating of KBC Group, KBC Bank and KBC Verzekeringen NV. Also affirmed were the "a" viability ratings, F1 short-term issuer default ratings and 5 support ratings of KBC Group and KBC Bank. The outlook on KBC Group is stable.
* Moody's assigned Russia-based JSC The Agency for Housing Mortgage Lending baseline and adjusted baseline credit assessments of "ba2", while affirming its Ba1 long-term local- and foreign-currency issuer and long-term local-currency senior unsecured debt ratings, Not-Prime short-term issuer ratings and Ba1(cr)/Not-Prime(Cr) counterparty risk assessments, with a stable outlook.
* Fitch affirmed Banque Internationale à Luxembourg SA's BBB+/F2 long- and short-term issuer default ratings and revised the outlook on the long-term rating to positive from stable. Fitch also affirmed the lender's "bbb+" viability rating, 5 support rating and No Floor support rating floor.
* A.M. Best removed from under review with positive implications and upgraded the Long-Term Issuer Credit Ratings to "aa" from "aa-" and affirmed the Financial Strength Ratings of A+ (Superior) of Munich Re (Munich Re) (Germany) and most of its A.M. Best-rated subsidiaries.
* A.M. Best removed from under review with positive implications and upgraded the Long-Term Issuer Credit Ratings to "aa" from "aa-" of Swiss Reinsurance Co. Ltd. and affiliates.
* A.M. Best removed from under review with positive implications and upgraded the Long-Term Issuer Credit Ratings to "aa" from "aa-" and affirmed the Financial Strength Rating of A+ (Superior) of Hannover Re and its main subsidiaries.
* Fitch affirmed R+V Versicherung AG units R+V Allgemeine Versicherung AG, R+V Lebensversicherung AG, R+V Lebensversicherung a.G.'s and Condor Lebensversicherungs AG's insurer financial strength ratings at 'AA' (Very Strong). The outlooks are stable. R+V Versicherung is fully owned by DZ BANK AG.
* Fitch affirmed the European Bank for Reconstruction & Development's long-term issuer default rating at AAA with a stable outlook and short-term issuer default rating at F1+. Also affirmed were the bank's senior unsecured long-term rating at AAA and senior unsecured short-term rating at F1+.
* Fitch affirmed Belfius Banque SA's long-term issuer default rating and senior debt ratings at A- and short-term issuer default rating and debt ratings at F2. The outlook is stable. Belfius' viability rating has also been affirmed at "a-". Also affirmed were the bank's senior debt at A-/F2, junior subordinated notes at BBB, support rating at 5. The rating agency also affirmed Belfius Financing Co. SA's senior debt rating at A-.
* Moody's affirmed the A1 insurance financial strength rating and A3(hyb) subordinated debt rating of TryghedsGruppen smba's main operating company, Tryg Forsikring A/S, with a stable outlook.
Dec. 6
* DBRS confirmed the long- and short-term issuer ratings of Banco Santander SA at A/R-1 (low); its intrinsic assessment at A; its support assessment at SA3; and its long- and short–term debt and deposit ratings at A. The outlook on all ratings is stable. Also confirmed were the long-term senior debt rating of A on Santander International Debt SA, and the BBB (high) subordinated debt on Santander Central Hispano Financial Services, Ltd., among other Santander subsidiary ratings; the A/R-1(low) long- and short-term senior debt and deposits ratings as well long- and short-term issuer ratings on Banco Pastor SA and Banco Popular Español SA; and the A long-term senior debt rating on BPE Financiaciones SA.
Dec. 5
* Fitch affirmed the BBB- long-term foreign- and local-currency issuer default ratings of Russian units of several foreign banks. The entities are HSBC Holdings Plc unit HSBC Bank (RR) LLC, Bank of China Ltd. unit JSCB Bank Of China (Russia), China Construction Bank Corp. unit China Construction Bank (Russia) Ltd., Crédit Agricole Group unit Credit Agricole Corporate and Investment Bank JSC, ING Groep NV unit ING BANK (EURASIA) JSC, Nordea Bank AB (publ) unit JSC Nordea Bank, Danske Bank A/S unit AO Danske Bank and Skandinaviska Enskilda Banken AB unit SEB Bank JSC. The banks' support ratings of 2 were also affirmed.
* Fitch affirmed the BB+ long-term issuer default ratings of Old Mutual Plc unit Nedbank Group Ltd. and Nedbank Ltd. and downgraded to 5 from 4 the support rating of Nedbank Group. The outlook on both entities' long-term term issuer default ratings is stable. The agency affirmed the two entities' B short-term foreign-currency issuer default rating; "bb+" viability rating; F1+(zaf) national short-term rating; and AA(zaf) national long-term rating, with a stable outlook.
* S&P revised Millennium BCP's outlook to positive from stable, citing a benign macroeconomic environment. The bank's BB-/B long- and-short term issuer credit ratings were affirmed. The rating agency also affirmed the BBB-/A-3 long- and short-term issuer credit ratings of CaixaBank SA unit Banco BPI SA and Banco Português de Investimento SA, with a stable outlook, and affirmed the BB-/B long- and short-term issuer credit ratings of Haitong Securities Co. Ltd. unit Haitong Bank SA, with a negative outlook.
* S&P affirmed the B long-term corporate credit rating on Hyperion Insurance Group Ltd. (Hyperion), and assigned a B long-term corporate credit rating to Hig Finance 2 Ltd and Hyperion Refinance S.a.r.l. The outlook is stable.
* S&P affirmed the A long-term financial strength and issuer credit ratings on CNP Assurances SA and CNP Caution. The outlook is stable. At the same time, the 'BBB+' issue ratings on CNP's subordinated and junior subordinated notes were affirmed. Also affirmed were the support rating at +1 and anchor at "a-".
* Moody's affirmed Cecabank SA's long- and short-term deposit ratings at Baa2/Prime-2. The outlook on the long-term ratings is stable. Also affirmed were the bank's baseline credit assessment and adjusted baseline credit assessment at ba1; and long- and short-term counterparty risk assessment at Baa1(cr)/Prime-2(cr).
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