S&P Global Market Intelligence presents a daily summary of ratings actions on European, Middle Eastern and African financial institutions and economies.
EUROPE
* Fitch Ratings revised the outlook on Commerzbank AG's BBB+ long-term issuer default rating to negative from stable, saying the German lender is facing material execution risks in its bid to strengthen its business model amid a substantial weakening of the economy's outlook. The rating agency also affirmed the lender's various ratings.
* Moody's upgraded Czech Republic-based Česká exportní banka as' long-term issuer and backed senior unsecured regular debt ratings to Aa3 from A1, with the outlook revised to stable from positive, following a similar action on the sovereign. The agency also affirmed the bank's short-term issuer rating at P-1.
* ACRA assigned Russia-based Gazprombank-Invest LLC, a unit of AO Gazprombank, a BBB+(RU) credit rating, with a stable outlook.
* Fitch affirmed Spain-based Allfunds Bank SAU's BBB+/F2 long- and short-term issuer default ratings, with a stable outlook on the long-term rating. The agency also affirmed the company's "bbb+" viability rating, 5 support rating and No Floor support floor rating. Moreover, the agency affirmed holding company LHC3 PLC's BB- long-term issuer default and senior unsecured debt ratings, with a stable outlook on the long-term issuer default rating.
* Fitch affirmed Poland-based ING Bank Śląski SA's A/F1 long- and short-term issuer default ratings, with a stable outlook on the long-term rating. The agency also affirmed the bank's AAA(pol)/F1+(pol) long- and short-term national ratings, with a stable outlook on the long-term rating. The bank's "bbb+" viability rating and 1 support rating were also affirmed.
* Fitch affirmed Poland-based Bank Handlowy w Warszawie SA's A-/F1 long- and short-term issuer default ratings, with a stable outlook on the long-term rating. The agency also affirmed the bank's AA+(pol)/F1+(pol) long- and short-term national ratings, 1 support rating and "a-" viability rating, with a stable outlook on the long-term national rating.
* Fitch affirmed Santander Bank Polska SA's BBB+/F2 long- and short-term issuer default and senior unsecured debt ratings, with a stable outlook on the long-term issuer default rating. The agency also affirmed the bank's AA(pol)/F1+(pol) long- and short-term national ratings, "bbb+" viability rating and 2 support rating, with a stable outlook on the long-term national rating.
* Fitch affirmed Poland-based Bank Pekao SA and Pekao Bank Hipoteczny SA's BBB+/F2 long- and short-term issuer default ratings, with stable outlooks on the long-term ratings. The rating agency assigned Bank Pekao AA(pol)/F1+(pol) long- and short-term national ratings, while affirming Pekao Bank Hipoteczny's long- and short-term national ratings at AA(pol)/F1+(pol). The outlook on both entities' long-term national ratings is stable. Fitch also affirmed Bank Pekao's 5 support rating and No Floor support rating floor, along with Pekao Bank Hipoteczny's 2 support rating.
* Fitch affirmed Dutch bank Credit Europe Bank NV's BB-/B long- and short-term issuer default ratings, "bb-" viability rating, 5 support rating and No Floor support floor.
* Fitch affirmed the BBB+/F2 long- and short-term issuer default ratings of Ahli United Bank (UK) PLC and Gulf International Bank (UK) Ltd., with a stable outlook on the long-term ratings. The rating agency also affirmed the banks' BBB+ support rating floors and 2 support ratings. Ad, the agency. Ahli United Bank (UK)'s "bbb-" viability rating was also affirmed.
* Moody's said that the outlook for Sweden's banking sector remains stable as slowing economic growth will continue to support banks' asset quality and profitability. The agency expects housing supply shortages and households' significant financial assets to counter tail risks such as high house prices and household debt. The agency also expects the Swedish banking sector's problem loan ratios to remain among the lowest in Europe.
MIDDLE EAST
* Fitch took rating actions on multiple Saudi banking entities, following the downgrade of Saudi Arabia's sovereign rating stemming from rising geopolitical tensions in the Gulf region. The agency downgraded the support ratings of National Commercial Bank, Riyad Bank, Banque Saudi Fransi, Saudi British Bank, Al Rajhi Banking & Investment Corp. and Samba Financial Group to 2 from 1. Meanwhile, the rating agency affirmed various ratings of Bank AlJazira, Alinma Bank, Saudi Investment Bank, Gulf International Bank - Saudi Arabia and Arab National Bank.
* Fitch affirmed the BBB+/F2 long- and short-term issuer default ratings of Bahrain-based Gulf International Bank BSC, with a stable outlook on the long-term rating. The agency affirmed the Bahraini bank's "bbb-" viability rating, 2 support rating, along with its BBB+ support rating floor and senior unsecured debt rating.
* Fitch affirmed Bahrain-based Ahli United Bank BSC's BBB-/F3 long- and short-term issuer default ratings, with a stable outlook on the long-term rating. The agency also affirmed the bank's "bb+" viability rating, 2 support rating, BBB- support rating floor and BBB-/F3 senior unsecured debt rating.
* Fitch affirmed Bahrain-based Arab Banking Corp. BSC's BBB-/F3 long- and short-term issuer default ratings, with a stable outlook on the long-term rating. The agency also affirmed the bank's "bbb-" viability rating, 3 support rating, BB- support rating floor and BBB- senior unsecured debt rating.
Links are current as of publication time, and we are not responsible if those links are unavailable later.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.
