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Austria-Based Erste Group Bank AG 'A' Rating Affirmed On High Systemic Importance; Outlook Negative Dec 09
Standard & Poors, Dec 2009
Abstract
In our view, Erste Group Bank remains highly systemically important to Austria, and we incorporate one notch of implicit government support instead of two notches previously. We believe that Erste Group Bank's strengthened ability to withstand deteriorated business conditions, as a result of capital measures and a better-than-expected operating performance before risk, improves its stand-alone credit profile. We are affirming our 'A/A-1' long- and short-term ratings on Erste Group Bank. The negative outlook reflects the challenging environment in Erste Group Bank's key markets and our assessment that implicit government support--ultimately viewed as temporary--might prove insufficient in a stress scenario. FRANKFURT (Standard & Poor's) Dec. 10, 2009--Standard & Poor's Ratings Services said today it affirmed its 'A' long-term and 'A-1' short-term...
Companies mentioned in this report are: Erste Group Bank AG
Action: Affirmed
Action: Outlook: Negative
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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