Fitch puts Carcade on positive watch

Fitch Ratings said it placed Carcade LLC’s long-term issuer default ratings of B+ on rating watch positive following an announcement that Gazprombank group is seeking to acquire the company.

The rating action follows the recently announced plans of Carcade’s current shareholder Getin Holding SA Carcade to Russian state-controlled Gazprombank JSC. The positive watch reflects the potential positive effect of institutional support from a new ultimate shareholder should the acquisition complete as planned, Fitch said.

“Upon the proposed ownership change, Fitch would seek to clarify the new shareholder’s strategy with respect to Carcade, its level of importance to the group, planned governance and integration to assess GPB’s propensity to provide support. The strong ability of GPB to support is underpinned by its own likely access to state support given its control by the state and high systemic importance to the Russian banking sector,” said Fitch in a press release.

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