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Moody's updates Polish banks
Following application of its joint default analysis methodology and its updated bank financial strength rating methodology to its bank ratings in Germany and France, Moody's said it published bank rating results for subsidiaries of those banks located in Poland.
Moody's said it incorporated parental support from the parent bank, along with any other support elements, into the ratings for each of these banks using the new methodology.
The bank financial strength rating of Bre Bank Hipoteczny was affirmed in February at D-. Based on high parental support from its ultimate parent, Commerzbank AG, and no systemic support from Poland, Moody's said it assigned local-currency deposit ratings of A3/prime-2 to the bank and affirmed its foreign-currency deposit ratings at A3/prime-2.
The bank financial strength rating of BRE Bank SA was upgraded in February to D from D-. Based on high parental support from its parent, Commerzbank AG, and high systemic support from Poland, Moody's has assigned local-currency deposit ratings of A2/prime-1 to the bank and upgraded its foreign-currency deposit ratings to A2/prime-1 from A3/prime-2.
The bank financial strength rating of Lukas Bank SA was affirmed in February at C-. Based on high parental support from its ultimate parent, Credit Agricole SA, and no systemic support from Poland, Moody's said it downgraded the bank's local-currency deposit ratings to A1/prime-1 from Aa3/prime-1 and affirmed the bank's foreign-currency deposit ratings at A2/prime-1.
Moody's also said it downgraded the issuer rating of another Polish subsidiary of Credit Agricole SA, Europejski Fundusz Leasingowy SA to A1 from Aa3, following the downgrade of Credit Agricole's bank financial strength rating to B from B+.
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