Fitch Revises Outlook On 4 Romanian Banks Following Sovereign ActionPublish date: 05-02-2010
Fitch Ratings on Thursday revised four Romanian banks' outlooks to stable from negative following the similar action on Romania's sovereign rating earlier this week.
Tuesday, Fitch revised Romania's outlook to stable from negative and affirmed the sovereign's Long-term foreign currency Issuer Default Rating (IDR) at 'BB+', Long-term local currency IDR at 'BBB-', Country Ceiling at 'BBB' and Short-term foreign currency IDR at 'B'.
In accordance with Tuesday's decision, Fitch revised the outlooks on Banca Comerciala Romana, BRD - Groupe Societe Generale, UniCredit Tiriac Bank, and Banca Romaneasca.
Fitch said the Long-term IDRs and Support ratings of the following four Romanian banks are driven by institutional support from their respective foreign parents and are constrained by Romania's Country Ceiling of 'BBB'.
As a result, BCR's long-term foreign currency IDR and long-term local currency IDR were affirmed at 'BBB', with stable outlooks. The short-term foreign currency IDR was affirmed at 'F3', the individual rating was affirmed at 'D', while the support rating was affirmed at '2'.
BRD's long-term foreign currency rating was affirmed at 'BBB', with stable outlook. Fitch rates BRD's short-term foreign currency debt at 'F3', while the bank's support rating was affirmed at '2'.
Fitch also affirmed UniCredit Tiriac Bank's long-term foreign currency IDR at 'BBB', the short-term foreign currency IDR at 'F3', the support rating at '2', and the individual rating at 'D'.
The long-term foreign currency rating of Banca Romaneasca is at 'BBB', with a stable outlook. Fitch also affirmed Banca Romaneasca's short-term foreign currency IDR at 'F3', the support rating at '2', and the individual rating at 'D'.
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