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Austria-Based Erste Group Bank AG 'A/A-1' Ratings Affirmed; Outlook Negative Mar 09
Standard & Poors, March 2009
Abstract
FRANKFURT (Standard & Poor's) March 18, 2009--Standard & Poor's Ratings Services said today it affirmed its 'A' long-term and 'A-1' short-term counterparty credit ratings on Austria-based Erste Group Bank AG. The outlook is negative. We also affirmed the ratings on Erste Bank's subsidiaries, Romania-based Banca Comerciala Romana (BB+/Negative/--), Czech Republic-based Ceska Sporitelna a.s. (A/Negative/A-1), and the Slovak Republic's Slovenska Sporitelna (Unsolicited public information rating 'A-pi'), despite pressure on their stand-alone credit profiles. 'The rating affirmation reflects our view of Erste Bank as a highly systemically important institution to Austria and the funding and -1.9 billion non-voting capital support Erste Bank will receive from the Austrian government,' said Standard & Poor's credit analyst Markus Schmaus. 'We believe that the government would...
Companies mentioned in this report are: Erste Group Bank AG,Austria (Republic of)
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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