Fitch Ratings on Oct. 9 upgraded the viability rating of Erste Group Bank AG unit Banca Comerciala Româna SA to "bb+" from "bb," while affirming the long- and short-term foreign-currency issuer default rating at BBB+ and F2, respectively.
The upgrade reflects a cleanup of the bank's loan book and an extended record of good profitability, as well as an increased reserve coverage of nonperforming loans, the rating agency said.
Fitch also affirmed the long- and short-term foreign-currency issuer default ratings of BRD-Groupe Société Générale SA at BBB+ and F2, UniCredit Bank SA at BBB- and F3 and Banca Transilvania SA at BB and B, respectively. The outlook on the long-term ratings of the four banks is stable.
The rating agency also affirmed the viability ratings of Banca Transilvania at "bb" and UniCredit Bank at "bb-."
BRD-Group Société Générale and UniCredit Bank are units of Société Générale SA and UniCredit SpA, respectively.