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.
June 4
* Moody's upgraded Raiffeisen Bank International AG's baseline credit assessment to "baa3" from "ba1" and affirmed its A3/P-2 long- and short-term bank deposit ratings, A3 senior unsecured debt rating, "baa3" adjusted baseline credit assessment and A3(cr)/P-2(cr) long- and short-term counterparty risk assessments. The outlook on the long-term bank deposit and senior unsecured debt ratings remains stable.
* DBRS confirmed Caixa Geral de Depósitos SA's long- and short-term issuer, debt and deposit ratings at BBB (low)/R-2 (middle) and changed the trend on the ratings to positive from negative. The rating agency also confirmed the Portuguese bank's BBB (high)/R-1 (low) long- and short-term critical obligations ratings and changed the trend on the ratings to positive and stable, respectively, from negative.
* Moody's upgraded Spain-based Bankoa SA's long-term bank deposit rating to Baa1 from Baa2, its baseline credit assessment to "baa3" from "ba1," adjusted baseline credit assessment to "baa1" from "baa2" and its long-term counterparty risk assessment to A3(cr) from Baa1(cr), with a stable outlook on the long-term bank deposit rating. The bank's Prime-2 short-term bank deposit rating and Prime-2(cr) short-term counterparty risk assessment were affirmed.
* Fitch Ratings withdrew AtaBank OJSC's CCC/C long- and short-term issuer default ratings, its "ccc" viability rating, 5 support rating and No Floor rating floor. The long-term rating and viability rating were on Rating Watch Evolving at the time of withdrawal. Meanwhile, the agency affirmed Expressbank OJSC's B/B long- and short-term issuer default ratings, "b" viability rating, 5 support rating and No Floor support rating floor, with a stable outlook on the long-term rating.
* Fitch upgraded OJSC International Bank of Azerbaijan's viability rating to "b-" from "ccc" and affirmed its long- and short-term issuer default ratings at B-/B, with a stable outlook on the long-term rating. The agency also affirmed the bank's support rating and support rating floor at 5 and No Floor, respectively.
* DBRS confirmed Crédit Logement SA's long- and short-term issuer ratings at AA (low)/R-1 (middle) and that of Crédit Logement Assurance SA at A (high)/R-1 (low), with stable trends on all the ratings.
June 1
* S&P Global Ratings lowered the long-term issuer credit ratings of Deutsche Bank AG to BBB+ from A-, with a stable outlook, and affirmed its A-2 short-term issuer credit ratings and its trAAA/A-1 Turkish national scale ratings. The agency also downgraded the long-term issuer credit ratings of units Deutsche Bank Trust Corp., Deutsche Bank Trust Co. Delaware, Deutsche Bank Trust Co. Americas, Deutsche Bank National Trust Co., Deutsche Bank Luxembourg SA and Deutsche Bank Securities Inc. to BBB+ from A-, with stable outlooks, and removed the ratings from CreditWatch Negative.
* Fitch placed 25 Turkish lenders' long-term foreign-currency issuer default ratings and viability ratings on Rating Watch Negative. The agency said it will resolve the placement based on an analysis of the impact on banks' credit profiles of the deterioration in the operating environment and the extent to which the environment deteriorates further or stabilizes in the near-term.
* Fitch affirmed Credito Valtellinese SpA's BB-/B long- and short-term issuer default ratings, "bb-" viability rating, 5 support rating and No Floor support rating floor and simultaneously withdrew them. The long-term issuer default rating carried a stable outlook.
* Moody's affirmed the Ba2 long-term local- and foreign-currency deposit ratings and local-currency senior unsecured debt rating of JSC Russian Bank for Small & Medium Enterprises Support and revised the outlook on the ratings to stable from negative. The agency affirmed the bank's NP short-term deposit rating, "b2" baseline and adjusted baseline credit assessments and Ba1(cr)/NP(cr) long- and short-term counterparty risk assessments.
* DBRS confirmed DZ Bank AG's A (high) long-term issuer, deposits and senior debt ratings and revised the trend on these ratings to positive from stable. The agency also confirmed the German lender's AA/R-1 (middle) long- and short-term critical obligations ratings and revised the trend on the ratings to positive. DZ Bank's R-1 (middle) short-term issuer, deposits and debt ratings were also confirmed, with the outlook on these ratings remaining stable, as well as its A (high) intrinsic assessment and SA3 support assessment.
* Moody's affirmed Bawag PSK's A2/P-1 long- and short-term local- and foreign-currency bank deposit ratings and revised the outlook on the long-term ratings to positive from stable. The agency also affirmed the Austrian bank's A2/P-1 long- and short-term local- and foreign-currency issuer ratings and A2 long-term senior unsecured local- and foreign-currency debt ratings, with a stable outlook on the long-term ratings. Fitch also affirmed Bawag's "baa1" baseline and adjusted baseline credit assessments and A1(cr)/P-1(cr) long- and short-term counterparty risk assessments.
* Moody's withdrew Deutsche Postbank AG's A3/P-2 long- and short-term bank deposit ratings, "ba1" baseline and adjusted baseline credit assessments and A3(cr)/P-2(cr) long- and short-term counterparty risk assessments and assigned the ratings to DB Privat- und Firmenkundenbank AG, the entity created by the merger of Deutsche Bank Privat- und Geschäftskunden AG and Deutsche Postbank. The outlook on DB Privat- und Firmenkundenbank is negative. DB Privat- und Firmenkundenbank's ultimate parent is Deutsche Bank.
* ACRA assigned Maritime Joint-Stock Bank (JSC) a credit rating of B(RU), with a stable outlook.
* Moody's affirmed Mediocredito Trentino-Alto Adige SpA's Baa3/P-3 long- and short-term bank deposit ratings, Ba1 long-term issuer ratings, "ba3" baseline and adjusted baseline credit assessments and Baa3(cr)/P-3(cr) long- and short-term counterparty risk assessments, with stable outlooks on the long-term ratings.
* Fitch affirmed Cassa del Trentino SpA's long-term foreign- and local-currency issuer default ratings at A-, with stable outlooks, and its short-term foreign-currency issuer default rating at F1.
* S&P revised its outlook on Bulgaria to positive from stable and affirmed the country's long- and short-term sovereign credit ratings at BBB- and A-3, respectively. Separately, Fitch affirmed Bulgaria's BBB/F2 long- and short-term foreign- and local-currency issuer default ratings and its A- country ceiling, with a stable outlook on the long-term issuer default ratings.
* Moody's placed Turkey's Ba2 long-term issuer ratings on review for downgrade.
* Fitch revised San Marino's outlook to negative from stable and affirmed its long- and short-term foreign- and local-currency issuer ratings at BBB-/F3 and its country ceiling at BBB+.
* S&P affirmed Ireland's A+/A-1 long- and short-term sovereign credit ratings and Liechtenstein's AAA/A-1 long- and short-term sovereign credit ratings. The outlooks are stable.
* Fitch affirmed Portugal's BBB/F2 long- and short-term foreign- and local-currency issuer default ratings and its AA country ceiling, with stable outlooks on the long-term ratings. The agency also affirmed Belgium's AA-/F1+ long- and short-term foreign- and local-currency issuer default ratings and its AAA country ceiling, with stable outlooks on the long-term ratings.
May 31
* S&P affirmed Royal Bank of Scotland Group PLC's BBB-/A-3 long- and short-term issuer credit ratings and revised the outlook to positive from stable. The agency also took various rating actions on units Royal Bank of Scotland PLC, National Westminster Bank PLC, Ulster Bank Ltd., Ulster Bank Ireland DAC, Royal Bank of Scotland International Ltd., NatWest Markets PLC, U.S.-based NatWest Markets Securities Inc. and Netherlands-based NatWest Markets NV, formerly known as Royal Bank of Scotland NV.
* Moody's upgraded Banco Bilbao Vizcaya Argentaria SA's long- and short-term bank deposit ratings to A2/Prime-1 from A3/Prime-2 and its long-term issuer rating and senior unsecured debt rating to A3 from Baa1 and revised the outlook on the long-term bank deposit rating, issuer rating and senior unsecured debt rating to stable from positive. In addition, Moody's upgraded BBVA unit BBVA Global Markets BV's senior unsecured debt rating to A3 from Baa1 and revised the outlook on the rating to stable from positive.
* Fitch upgraded Janus Henderson Group PLC's long-term issuer default rating to BBB+ from BBB and affirmed the same rating of Amundi SA at A+, Azimut Holding SpA's at BBB, Man Strategic Holdings Ltd.'s at BBB+ and Schroders PLC's at A+. The outlooks are stable.
* Fitch has affirmed Andorra Banc Agrícol Reig SA's and Crèdit Andorrà SA's BBB/F3 long- and short-term issuer default ratings, "bbb" viability ratings, 5 support ratings and No Floor support rating floors, with stable outlooks on the long-term ratings.
* Fitch affirmed Mora Banc Grup SA's BBB-/F3 long- and short-term issuer default ratings, "bbb-" viability rating, 5 support rating and No Floor support rating floor, with a stable outlook on the long-term rating.
* ACRA assigned Joint Stock Commercial Mortgage Bank Akibank (PJSC) a credit rating of BB-(RU), with a stable outlook.
* ACRA assigned Modulbank Ao a credit rating of BB+(RU), with a stable outlook.
May 30
* Moody's downgraded HSBC Bank PLC's baseline credit assessment to "baa2" from "baa1" and its adjusted baseline credit assessment to "a3" from "a2", concluding a review for downgrade initiated in February. The agency confirmed the HSBC Holdings PLC unit's Aa3 long-term issuer, bank deposit and senior unsecured debt ratings with a stable outlook and its Aa2(cr) long-term counterparty risk assessment. Moody's also affirmed HSBC Bank PLC's P-1 short-term bank deposit rating and its P-1(cr) short-term counterparty risk assessment.
* Fitch upgraded PJSC ProCredit Bank's viability rating to "b" from "b-" and took various rating actions on the ProCredit Holding AG & Co. KGaA unit, as well as on Crédit Agricole Group unit PJSC Credit Agricole Bank, Intesa Sanpaolo SpA unit PRAVEX BANK JSC and CTF Holdings Ltd units PJSC Alfa-Bank and PJSC Ukrsotsbank.
* S&P upgraded the long-term issuer credit ratings of UniCredit Bank Austria AG and units BA-CA Finance (Cayman Island) Ltd. and BA-CA Finance (Cayman) (2) Ltd. to BBB+ from BBB, that of Hypo Vorarlberg Bank AG to A+ from A and that of Hypo Tirol Bank AG to A- from BBB+. In addition, S&P revised the outlook on HYPO NOE Landesbank für Niederösterreich und Wien AG's long-term issuer ratings to positive from stable and affirmed the rating at A, while affirming Oberösterreichische Landesbank AG's
* Moody's placed certain ratings of 12 Italian banks on review for downgrade.
* Moody's affirmed Getin Noble Bank SA's Ba3/NP long- and short-term bank deposit ratings, "b2" baseline and adjusted baseline credit assessments and Ba2(cr)/NP(cr) long- and short-term counterparty risk assessments, with a negative outlook on the long-term bank deposit rating.
* ACRA upgraded Otkritie Financial Corp. Bank's credit rating to A+(RU) from BBB-(RU) and assigned it a stable outlook from the previous rating under revision: positive.
May 29
* DBRS confirmed Société Générale SA's A (high) long-term issuer, deposit and senior debt ratings and its AA long-term critical obligations rating and changed the trends on the ratings to positive from stable. The agency also confirmed the group's R-1 (middle) short-term issuer, debt and deposit ratings and its R-1 (high) short-term critical obligations rating, with stable trends.
* Moody's upgraded to B1 from B2 the long-term local- and foreign-currency deposit ratings of Russia-based JSCB Novikombank and revised the outlook to positive from developing. The agency also upgraded the bank's baseline and adjusted baseline credit assessments to "b3" from "caa1" and long-term counterparty risk assessment to Ba3(cr) from B1(cr), while its Not Prime short-term local- and foreign-currency deposit ratings and Not Prime (cr) short-term counterparty risk assessment were affirmed.
* Fitch assigned Lloyds Bank Corporate Markets long- and short-term issuer default ratings of A/F1, with a stable outlook on the long-term issuer default rating. The agency also assigned the company a 1 support rating and an A(dcr) derivative counterparty rating.
* ACRA assigned Vozrozhdenie Bank a credit rating of ??+(RU), with a status of Rating under revision: developing.
* ACRA assigned Skandinaviska Enskilda Banken AB unit SEB Bank JSC a credit rating of ???(RU), with a stable outlook.
* S&P affirmed Kutxabank SA's BBB/A-2 long- and short-term issuer credit ratings, with a positive outlook.
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.
