Fitch lowers, affirms Central European

Fitch Ratings said it downgraded Central European International Bank's individual rating to C/D from C and affirmed its support 1 rating and issuer default ratings at long-term A+ and short-term F1.

The outlook on the long-term issuer default is negative.

The downgrade in the individual rating reflects weakening capitalization trends after rapid growth of risk-weighted assets in more challenging market conditions, the agency said. The individual rating also reflects strong management, a solid franchise, profitability, diversified funding base and low market risk, Fitch said.

The support and issuer default ratings are based on potential support from its 100%-owner, Italian Banking group Intesa Sanpaolo (AA-/stable outlook).

The long-term issuer default outlook reflects the outlook for Hungary's sovereign rating, the agency said.

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