Fitch affirms Zagrebacka Banka

Fitch Ratings said it affirmed Zagrebacka Banka's ratings at long-term BBB-, short-term F3, individual C/D and support 2. The long-term outlook is positive.

Fitch said the ratings are based on the potential support from its new majority shareholder UniCredito Italiano (rated AA-), but are constrained by Croatia's Country Ceiling of BBB-.

UniCredito has an exceptionally strong track record in integrating its subsidiaries in Central and Eastern Europe and transferring know-how and products to its subsidiaries, according to Fitch. Following the acquisition of Zagrebacka by UniCredito and Allianz in 2002, Fitch said the bank's operating profitability has shown some improvement.

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