Fitch ups Banca Comerciala Romana

Fitch Ratings said it upgraded Romania-based Banca Comerciala Romana's issuer default rating to A- from BBB-, short-term rating to F2 from F3 and support rating to 1 from 2. The individual rating was affirmed at C/D.

A stable outlook is assigned to the issuer default rating.

The upgrade follows the completion of the acquisition of a majority stake in the bank by Erste Bank der oesterreichischen Sparkassen, which has an issuer default rating of A.

The ratings reflect the extremely high potential support available to the bank from new majority shareholder, Fitch said. Erste Bank has a strong franchise in central and Eastern Europe, and the area represents about half of Erste Bank's pre-tax profit.

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