BRE Bank S.A. Oct 07

Standard & Poors, October 2007

Abstract
Support from strategic shareholder Good market position and increasingly diversified business lines Strong funding and liquidity profile Higher than average economic and industry risks of operating in Poland Modest levels of capitalization Elevated credit risks, in light of high retail loan growth and foreign currency lending The public information ('pi'; unsolicited) rating on Poland-based BRE Bank S.A. benefits from support by Commerzbank AG (A/Stable/A-1), a good market position, and its strong funding and liquidity profile. The ratings are constrained by the higher than average economic and industry risks of operating in Poland, the bank's modest capitalization, and elevated credit risks, in light of high retail loan growth and foreign currency lending. BRE is considered a strategically important subsidiary to Commerzbank,...

Companies mentioned in this report are:
- BRE Bank S.A. (Unsolicited Ratings)
- Commerzbank AG
- Commerzbank International S.A.
- Caisse Centrale de Reescompte
- Commerzbank Europe (Ireland)
- Hypothekenbank in Essen AG
- Hypothekenbank Frankfurt International S.A.
- Erste Europaeische Pfandbrief- und Kommunalkreditbank AG
- Hypothekenbank Frankfurt AG

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

- BRE Bank S.A. (Unsolicited Ratings)
- Commerzbank AG
- Commerzbank International S.A.
- Caisse Centrale de Reescompte
- Commerzbank Europe (Ireland)
- Hypothekenbank in Essen AG
- Hypothekenbank Frankfurt International S.A.
- Erste Europaeische Pfandbrief- und Kommunalkreditbank AG
- Hypothekenbank Frankfurt AG

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