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European ratings roundup through March 5

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European ratings roundup through March 5

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.

March 5

* DBRS confirmed HSBC Holdings PLC's long- and short-term issuer ratings at AA (low)/R-1 (middle), with stable outlooks.

* Moody's assigned Virgin Money Holdings (UK) Plc Baa3/Prime-3 long and short-term issuer ratings, with a stable outlook. At the same time, the agency affirmed unit Virgin Money Plc's Baa2/Prime-2 long- and short-term local-currency bank deposit and issuer ratings, "baa2" baseline and adjusted baseline credit assessments and A3(cr)/P-2(cr) long- and short-term counterparty risk assessments, and revised the outlook on the long-term bank deposit rating to positive from stable.

* Meanwhile, Fitch Ratings published Virgin Money Holdings (UK)'s long- and short-term issuer default ratings at BBB+/F2, its viability rating at "bbb+," its support rating at 5 and its support rating floor at No Floor, with a stable outlook on the long-term issuer default rating.

* S&P Global Ratings affirmed U.K.-based Arrow Global Group PLC's long-term issuer credit rating at BB-, with a stable outlook.

* Fitch downgraded Turkland Bank A?'s long-term foreign- and local-currency issuer default ratings to B+ from BB- and its national long-term rating to A(tur) from A+(tur), with stable outlooks. The rating agency also downgraded the Turkish lender's support rating to 4 from 3 and affirmed its short-term foreign- and local-currency issuer default ratings at B.

March 2

* Moody's downgraded Russia-based PJSC TRANSKAPITALBANK's long-term foreign-currency bank deposit rating to B2 from B1, its baseline and adjusted baseline credit assessments to "b2" from "b1" and its long-term counterparty risk assessment to B1(cr) from Ba3(cr), with a negative outlook on the long-term bank deposit rating.

* A.M. Best affirmed Bermuda-incorporated, London-listed insurer Hiscox Ltd.'s "bbb+" long-term issuer credit rating and the A (Excellent) financial strength ratings and "a+" long-term issuer credit ratings of units Hiscox Insurance Co. (Bermuda) Ltd., U.K.-based Hiscox Insurance Co. Ltd., Hiscox Insurance Co. (Guernsey) Ltd. and U.S.-based Hiscox Insurance Co. Inc., with stable outlooks on all the ratings.

* S&P affirmed Aegon NV's long-term issuer credit and senior unsecured ratings at A- and its short-term issuer credit rating at A-2. The agency also affirmed AEGON Bank NV's long- and short-term credit ratings at A+/A-1+ and the long-term local-currency issuer credit and financial strength ratings of Aegon Levensverzekering NV, Transamerica Life (Bermuda) Ltd., Transamerica Financial Life Insurance Co., Transamerica Advisors Life Insurance Co. and Blue Square Re NV at AA-. Also affirmed were Transamerica Premier Life Insurance Co. and Transamerica Life Insurance Co.'s long-term local-currency financial strength and issuer credit ratings at AA-, their short-term local-currency issuer credit ratings at A-1+, as well as Aegon Funding Company LLC and Transamerica Advisors Life Insurance Co.'s senior unsecured ratings at A- and AA-, respectively. The outlook on all the long-term ratings is negative.

* Fitch said the Russian banking sector remains stable.

* Moody's affirmed Sweden's Aaa long-term issuer and senior unsecured debt ratings, with a stable outlook. Meanwhile, S&P affirmed the country's unsolicited AAA/A-1+ long- and short-term foreign- and local-currency sovereign credit ratings, with a stable outlook.

* S&P upgraded Lithuania's long- and short-term foreign- and local-currency sovereign credit ratings to A/A-1 from A-/A-2, with a stable outlook on the long-term ratings.

* S&P affirmed Romania's BBB-/A-3 long- and short-term foreign- and local-currency sovereign credit ratings, with a stable outlook.

March 1

* A.M. Best revised the outlook on Finland-based LocalTapiola General Mutual Insurance Co.'s long-term issuer credit rating to positive from stable and affirmed its financial strength rating at A (Excellent), with a stable outlook on the latter rating.

* S&P withdrew the BB+/B long- and short-term issuer credit ratings of Russia's “VTB-Leasing”, JSC and core unit VTB Leasing Finance OJSC. VTB Leasing is a unit of JSC VTB Bank.

* Moody's revised the outlook on Standard Life Assurance Ltd. to negative from stable and affirmed its A1 insurance financial strength rating. At the same time, the rating agency affirmed parent Standard Life Aberdeen Plc's long-term issuer rating at A3 and changed the outlook to stable(m) from stable.

* Fitch affirmed Aberdeen Asset Management PLC's long- and short-term issuer default ratings at A/F1 and simultaneously withdrew them. The long-term rating carried a stable outlook.

* Fitch affirmed U.K.-based Provident Financial Plc's BBB- long-term issuer default and senior debt ratings, with a negative outlook on the long-term issuer default rating, and removed them from Rating Watch Negative.

* Fitch placed HSH Nordbank AG's BBB-/F3 long-and short-term issuer default, senior debt and deposit ratings, 2 support rating and BBB-(dcr) derivative counterparty rating on Rating Watch Negative. At the same time, the rating agency upgraded the German lender's viability rating to "bb-" from "b" and placed it on Rating Watch Positive.

Feb. 28

* Meanwhile, Moody's placed HSH Nordbank's Baa3/P-3 long- and short-term deposit and issuer ratings and its Baa3 long-term senior and senior senior unsecured debt ratings on review for upgrade and changed the outlook on the long-term ratings to under review from developing. The rating agency also placed the lender's P-3 short-term local- and foreign-currency bank deposit and issuer ratings, its "b3" baseline credit assessment, its "b1" adjusted baseline credit assessment and its Baa3(cr)/P-3(cr) long- and short-term counterparty risk assessments on review for upgrade.

* S&P revised the outlook on Nationwide Building Society's long-term issuer credit rating to positive from stable and affirmed the rating at A. The agency also affirmed the British mutual financial institution's short-term issuer credit rating at A-1.

* S&P affirmed the BB-/B long- and short-term issuer credit ratings of Azerbaijan-based Kapital Bank ASC and revised the outlook on the bank to stable from negative. The agency also revised the bank's standalone credit profile "bb-" from "b+". PASHA Holding LLC is the ultimate parent of Kapital Bank.

* S&P affirmed U.K.-based Lancashire Holdings Ltd.'s BBB long-term issuer credit rating and revised the outlook on the rating to stable from positive. At the same time, the rating agency affirmed the A- long-term issuer and financial strength ratings of the company's core operating subsidiaries Lancashire Insurance Co. (UK) Ltd. and Bermuda-based Lancashire Insurance Co. Ltd. and revised the outlooks on the ratings to stable from positive.

* S&P upgraded Russia-based VEB-Leasing JSC's long- and short-term foreign-currency issuer credit ratings to BBB-/A-3 from BB+/B and its local-currency ratings to BBB/A-2 and BBB-/A-3, with stable outlooks on the long-term ratings.

Feb. 27

* S&P upgraded Russia-based Vnesheconombank's long- and short-term foreign-currency issuer credit ratings to BBB-/A-3 from BB+/B and its long- and short-term local-currency issuer credit ratings to BBB/A-2 from BBB-/A-3, with stable outlooks on the long-term ratings.

* Moody's upgraded Caixa Geral de Depósitos SA's long-term bank deposit and senior unsecured debt ratings to Ba3 from B1, with stable outlooks. The agency also upgraded the Portuguese state-owned lender's baseline and adjusted baseline credit assessments to "b1" from "b2" and affirmed its long- and short-term counterparty risk assessments at Ba1(cr)/NP(cr).

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