Fitch upgrades BRE Leasing

Fitch Ratings said it upgraded Poland-based BRE Leasing's long-term issuer default rating to A- from BBB+ and support rating to 1 from 2. The bank's F2 short-term rating was affirmed, and the outlook is stable.

The upgrade follows the upgrade of Commerzbank's, the bank's ultimate majority shareholder, long-term issuer default rating to A from A-.

BRE Leasing's ratings are based on the very strong potential support the bank could receive from Commerzbank in case of need, Fitch said. BRE Leasing has historically used its own distribution network, but has now started to use that of its parent, BRE Bank, and this is likely to continue. Funding is still heavily reliant on the parent, though this has declined and third-party funds are being sought.

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