Fitch Ratings-London/New York/Hong Kong - Fitch Ratings has today upgraded the foreign currency Issuer Default ratings ("FC IDR"), Short-term and the Support ratings for the banks listed below. The rating actions follow today's upgrades of Country Ceiling ratings for various countries (see separate statement: "Fitch Revises Country Ceilings for 40 Countries"). In the overwhelming majority of cases the main reason behind the rating upgrades is the ownership of the bank by a strong parent, although for a small number of banks the upgrades are due to their own intrinsic financial strength as is indicated by their Individual ratings.
In Asia the only country affected is Hong Kong (Country Ceiling revised to 'AAA' from 'AA'):
HongKong and Shanghai Banking Corporations: FC IDR 'AA' Short-term 'F1+', Individual 'A/B' and Support '1' are affirmed. The Outlook on the FC IDR is changed to Positive from Stable, reflecting the Positive Outlook of the parent HSBC Holdings Plc (rated 'AA') as the Country Ceiling is no longer a constraint.
Contact: David Marshall, Hong Kong, Tel: +852 2263 9911.
For the Central & Eastern European, the Middle Eastern and African region banks in the following countries are affected:
Bulgaria (Country Ceiling revised to 'A-' (A minus) from 'BBB'):
Bulgarian Post Bank: FC IDR and Short-term upgraded to 'BBB+' from 'BBB' and to 'F2' from 'F3', respectively. Individual 'C/D' and Support '2' are affirmed. The Outlook on the IDR is changed to Positive from Stable, reflecting the Positive Outlook assigned to that of its parent.
United Bulgarian Bank: FC IDR and Short-term upgraded to 'BBB+' from 'BBB' and to 'F2' from 'F3', respectively. Outlook remains Stable. Individual 'C/D' and Support '2' are affirmed.
Bulbank: Support rating upgraded to '1' from '2'.
Contact: Lindsey Liddell, London Tel: + 44 (0)20 7417 3495; Francesca Vasciminno, Milan, Tel: +39 02 87 90 87 225.
Croatia (Country Ceiling revised to 'BBB+' from 'BBB-' (BBB minus)):
Zagrebacka Banka: FC IDR and Short-term upgraded to 'BBB+' from 'BBB-' (BBB minus) and to 'F2' from 'F3', respectively. Outlook remains Stable. Individual 'C/D' and Support '2' are affirmed.
Contact: Alison Leveridge, London Tel: + 44 (0)20 7417 4305.
Hungary (Country Ceiling revised to 'A+' from 'A'):
Central European International Bank: FC IDR upgraded to 'A+' from 'A'. Outlook remains Stable. Short-term 'F1', Individual 'C' and Support '1' are affirmed.
Kereskedelmi es Hitelbank ("K&H"): FC IDR upgraded to 'A+' from 'A'. Outlook remains Stable. Short-term 'F1', Individual 'D' and Support '1' are affirmed.
Contact: Chris Birney, London, Tel: +44 (0)20 7417 4093
Poland (Country Ceiling revised to 'A+' from 'A'):
ING Bank Slaski: FC IDR upgraded to 'A+' from 'A'. Outlook remains Positive, Short-term 'F1', Individual 'C/D' and Support '1' are affirmed.
Bank Zachodni WBK: FC IDR upgraded to 'A+' from 'A'. Following the upgrade, the Outlook is now Stable. Short-term 'F1', Individual 'C' and Support '1' are affirmed.
Kredyt Bank: FC IDR upgraded to 'A+' from 'A'. Following the upgrade, the Outlook is now Stable. Short-term 'F1', Individual 'D' and Support '1' are affirmed.
Contact: Chris Birney, London, Tel: +44 (0)20 7417 4093.
Romania (Country Ceiling revised to 'BBB+' from 'BBB-' (BBB minus)):
Banca Commerciala Ion Tiriac: FC IDR upgraded to 'BBB+' from 'BBB-' (BBB minus) and Short-term to 'F2' from 'F3'. Outlook remains Stable. Individual and Support ratings are affirmed at 'D' and '2' respectively.
BancPost: FC IDR upgraded to 'BBB+' from 'BBB-' (BBB minus) and Short-term to 'F2' from 'F3'. Outlook remains Stable. Individual and Support ratings are affirmed at 'D' and '2', respectively.
BRD-Groupe Soc Gen: FC IDR upgraded to 'BBB+ from 'BBB-' (BBB minus) and Short-term to 'F2' from 'F3'. Outlook remains Stable. Support is affirmed at '2'.
UniCredit Romania: FC IDR upgraded to 'BBB+' from 'BBB-' (BBB minus) and Short-term to 'F2' from 'F3'. Outlook remains Stable. Individual and Support are affirmed at 'D' and '2', respectively.
Contact: Tim Beck, London, Tel: +44 (0)20 7417 3460; Gulcin Orgun, Istanbul, Tel: + 90 212 279 10 65.
Russia (Country Ceiling revised to 'A-' (A minus) from 'BBB+'):
International Moscow Bank ("IMB"): FC IDR of 'BBB+' and Support rating of '2' placed on Rating Watch Positive. The Watch Positive is pending a planned stake increase by UCI. Due to the previous constraint by the Country Ceiling, the FC IDR could not be put on Watch Positive when the LC IDR was placed on Watch Positive in June 2006 (please refer to announcement 27 July 2006 on www.fitchresearch.com). IMB's local currency IDR 'BBB+' remains on Rating Watch Positive, Short-term and Individual 'F2' and 'C/D' respectively.
Contact: Lindsey Liddell, London Tel: + 44 (0)20 7417 3495; James Watson, Moscow Tel: +7 (495) 956 9901.
Tunisia (Country Ceiling revised to 'BBB+' from 'BBB'):
Arab Tunisian Bank: Outlook on FC IDR changed to Positive from Stable, as Country Ceiling is no longer a constraint. FC IDR is affirmed at 'BBB'. The LC IDR of 'BBB' with Outlook Positive, Short-term 'F3', Individual 'D' and Support '2' are affirmed. Fitch's Tunisian affiliate's National ratings for ATB of Long-and Short-term 'AA-(AA minus)(tun)' and 'F1+(tun)' are also affirmed respectively. The Outlook on the National rating is Positive.
Contact: Sonia Trabelsi, Tunis, Tel: +216 71 840 902.
Turkey (Country Ceiling revised to 'BB' from 'BB-' (BB minus)):
Akbank: FC IDR upgraded to 'BB' from 'BB-' (BB minus). The LC IDR 'BB+, Short-term FC and LC 'B', Individual 'C' and Support '4' are affirmed. The Outlooks on the IDRs remain Positive, reflecting the Positive Outlook of the Sovereign. The National Long-term rating is affirmed at 'AA(tur)' with Stable Outlook.
Denizbank: FC IDR of 'BB-' (BB minus) is placed on Rating Watch Positive, reflecting that the FC IDR is no longer constrained by the Country Ceiling. The LC IDR of 'BB-' (BB minus) remains on Rating Watch Positive (see separate statement dated 1 June 2006. The Short-term FC and LC 'B' and Individual 'C/D' are affirmed. The Support '4' and National Long-term 'A(tur)' remain on Rating Watch Positive.
Deniz Finansal Kiralama: FC IDR of 'BB-' (BB minus) is placed on Rating Watch Positive, reflecting that the FC IDR is no longer constrained by the Country Ceiling. The LC IDR 'BB-' (BB minus) remains on Rating Watch Positive (see separate statement dated 1 June 2006). The Short-term FC and LC 'B' and Support '3' are affirmed. The National Long-term 'A(tur)' remains on Rating Watch Positive.
Finansbank: FC IDR of 'BB-' (BB minus) is placed on Rating Watch Positive, reflecting that the FC IDR is no longer constrained by the Country Ceiling. The LC IDR of 'BB-' (BB minus) remains on Rating Watch Positive (see separate statement dated 4 April 2006). The Short-term FC and LC 'B' and Individual 'C/D' are affirmed. The Support '4' and the National Long-term 'A(tur)' remain on Rating Watch Positive.
The FC IDRs of Denizbank, Deniz Finansal Kiralama and Finansbank are placed on Rating Watch Positive pending acquisition. Denizbank and Deniz Finansal Kiralama are to be acquired by Dexia and Finansbank is to be acquired by National Bank of Greece. Due to the constraint by the Country Ceiling previously, they were not put on Watch Positive when the LC IDRs were first placed on Watch Positive in June 2006 and April 2006 respectively.
Fortis Bank A.S.: FC IDR upgraded to 'BB' from 'BB-' (BB minus). The LC IDR 'BB+, Short-term FC and LC 'B', Individual 'D' and Support '3' are affirmed. The Outlooks on the IDRs remain Positive, reflecting the Positive Outlook of the Sovereign. The National Long-term rating is affirmed at 'AA(tur)' with Stable Outlook.
Kocbank: FC IDR upgraded to 'BB' from 'BB-' (BB minus). The LC IDR 'BB+, Short-term FC and LC 'B', Individual 'D' and Support '3' are affirmed. The Outlooks on the IDRs remain Positive, reflecting the Positive Outlook of the Sovereign. The National Long-term rating is affirmed at 'AA(tur)' with Stable Outlook.
Kuveyt Turk Katilim Bankasi: FC IDR upgraded to 'BB' from 'BB-' (BB minus). The LC IDR 'BB+, Short-term FC and LC 'B', Individual 'D/E' and Support '3' are affirmed. The Outlooks on the IDRs remain Positive, reflecting the Positive Outlook of the Sovereign. The National Long-term rating is affirmed at 'AA-(AA minus)(tur)' with Stable Outlook.
Turk Ekonomi Bankasi: FC IDR upgraded to 'BB' from 'BB-' (BB minus). The LC IDR 'BB+, Short-term FC and LC 'B', Individual 'C/D' and Support '3' are affirmed. The Outlooks on the IDRs remain Positive, reflecting the Positive Outlook of the Sovereign. The National Long-term rating is affirmed at 'AA(tur)' with Stable Outlook.
Turkiye Garanti Bankasi: FC IDR upgraded to 'BB' from 'BB-' (BB minus). The LC IDR 'BB+, Short-term FC and LC 'B', Individual 'C' and Support '3' are affirmed. The Outlooks on the IDRs remain Positive, reflecting the Positive Outlook of the Sovereign. The National Long-term rating is affirmed at 'AA(tur)' with Stable Outlook.
Garanti Factoring: FC IDR upgraded to 'BB' from 'BB-' (BB minus). The LC IDR 'BB+, Short-term FC and LC 'B' and Support '3' are affirmed. The Outlooks on the IDRs remain Positive, reflecting the Positive Outlook of the Sovereign. The National Long-term rating is affirmed at 'AA(tur)' with Stable Outlook.
Garanti Finansal Kiralama: FC IDR upgraded to 'BB' from 'BB-' (BB minus). The LC IDR 'BB+, Short-term FC and LC 'B' and Support '3' are affirmed. The Outlooks on the IDRs remain Positive, reflecting the Positive Outlook of the Sovereign. The National Long-term rating is affirmed at 'AA(tur)' with Stable Outlook.
Turkiye Is Bankasi: FC IDR upgraded to 'BB' from 'BB-' (BB minus). The LC IDR 'BB+', Short-term FC and LC 'B', Individual 'C' and Support '4' are affirmed. The Outlooks on the IDRs remain Positive, reflecting the Positive Outlook of the Sovereign. The National Long-term ratings are affirmed at 'AA(tur)' with Stable Outlook.
Is Finansal Kiralama: FC IDR upgraded to 'BB' from 'BB-' (BB minus). The LC IDR 'BB+', Short-term FC and LC 'B' and Support '3' are affirmed. The Outlooks on the IDRs remain Positive, reflecting the Positive Outlook of the Sovereign. The National Long-term rating is affirmed at 'AA(tur)' with Stable Outlook.
Yapi ve Kredi Bankasi: FC IDR upgraded to 'BB' from 'BB-' (BB minus). The LC IDR 'BB+, Short-term FC and LC 'B' and Support '3' are affirmed. Individual 'D/E' remains on Rating Watch Positive. The Outlooks on the IDRs remain Positive, reflecting the Positive Outlook of the Sovereign. The National Long-term rating is affirmed at 'AA(tur)' with Stable Outlook.
Contact: Ed Thompson, New York, Tel: +1 212 908 0364; Gulcin Orgun, Turda Ozmen, Istanbul, Tel: +90 212 279 1065.
For the Latin American region, banks in the following countries are affected:
El Salvador (Country Ceiling revised to 'BBB-' (BBB minus) from 'BB+'):
Scotiabank El Salvador --FC IDR upgraded to 'BBB-' (BBB minus) from 'BB+', Outlook remains Stable, Short term rating upgraded to 'F2' from 'B', Support upgraded to '2' from '3', Individual affirmed at 'D', National Long-term affirmed at 'AAA(slv)', Outlook remains Stable, National Short-term affirmed at 'F1+(slv)'.
Banco Salvadoreno --Support and Short term rating of '3' and 'B' placed on Rating Watch Positive, pending the acquisition by HSBC. As the Support and Short-term ratings were previously constrained by the Country Ceiling, they could not be placed on Rating Watch Positive when the FC IDR was put on Watch Positive in July 2006. FC IDR 'BB' remains on Rating Watch Positive, Individual affirmed at 'D', National Long-term affirmed at 'AA-(AA minus)(slv)', Outlook remains Positive, National Short-term affirmed at 'F1+(slv)'.
Brazil (Country Ceiling revised to 'BB+' from 'BB'):
Banco Bradesco S.A. -- FC IDR upgraded to 'BB+' from 'BB', Outlook remains Stable and Short-term FC affirmed at 'B', LC IDR affirmed at 'BBB-' (BBB minus), Outlook Stable, Short-term LC affirmed at 'F3', Individual affirmed at 'B/C', Support affirmed at '4', National Long-term affirmed at 'AA+(bra)', Outlook remains Stable and National Short-term affirmed at 'F1+(bra)'.
Banco do Brasil S.A. -- FC IDR upgraded to 'BB+' from 'BB', Outlook remains Stable and Short-term FC affirmed at 'B', LC IDR affirmed at 'BB+', Outlook remains Stable, Short-term LC affirmed at 'B', Individual affirmed at 'C/D', Support affirmed at '4', National Long-term affirmed at 'AA(bra)', Outlook remains Stable and National Short-term affirmed at 'F1+(bra)'.
Banco do Estado de Sao Paulo S.A. (Banespa) -- FC IDR upgraded to 'BB+' from 'BB' Outlook remains Stable and Short-term FC affirmed at 'B', LC IDR affirmed at 'BBB-' (BBB minus), Outlook remains Stable, Short-term LC affirmed at 'F3', Individual affirmed at 'C', Support affirmed at '3', National Long-term affirmed at 'AA+(bra)', Outlook remains Stable and National Short-term affirmed at 'F1+(bra)'.
Banco Santander Brasil S.A. -- FC IDR upgraded to 'BB+' from 'BB', Outlook remains Stable and Short-term FC affirmed at 'B', LC IDR affirmed at 'BBB-' (BBB minus), Outlook remains Stable, Short-term LC affirmed at 'F3', Individual affirmed at 'C/D', Support affirmed at '3', National Long-term affirmed at 'AA+(bra)', Outlook remains Stable and National Short-term affirmed at 'F1+(bra)'.
Banco Santander Meridional S.A. -- FC IDR upgraded to 'BB+' from 'BB', Outlook remains Stable and Short-term FC affirmed at 'B', LC IDR affirmed at 'BBB-' (BBB minus), Outlook remains Stable, Short-term LC affirmed at 'F3', Individual affirmed at 'D', Support affirmed at '3', National Long-term affirmed at 'AA+(bra)', Outlook remains Stable and National Short-term affirmed at 'F1+(bra)'.
Banco Itau Holding Financeira S.A. -- FC IDR upgraded to 'BB+' from 'BB', Outlook remains Stable and Short-term FC affirmed at 'B', LC IDR affirmed at 'BBB-' (BBB minus), Outlook remains Stable, Short-term LC affirmed at 'F3', Individual affirmed at 'B/C', Support affirmed at '4', National Long-term affirmed at 'AA+(bra)', Outlook remains Stable and National Short-term affirmed at 'F1+(bra)'.
Banco Itau S.A. -- FC IDR upgraded to 'BB+' from 'BB', Outlook remains Stable and Short-term FC affirmed at 'B', LC IDR affirmed at 'BBB-' (BBB minus), Outlook remains Stable, Short-term LC affirmed at 'F3', Individual affirmed at 'B/C', Support affirmed at '4', National Long-term affirmed at 'AA+(bra)', Outlook remains Stable and National Short-term affirmed at 'F1+(bra)'.
Banco Itau BBA S.A. -- FC IDR upgraded to 'BB+' from 'BB', Outlook remains Stable and Short-term FC affirmed at 'B', LC IDR affirmed at 'BBB-' (BBB minus), Outlook remains Stable, Short-term LC affirmed at 'F3', Individual affirmed at 'B/C', Support affirmed at '4', National Long-term affirmed at 'AA+(bra)', Outlook remains Stable and National Short-term affirmed at 'F1+(bra)'.
Banco Pactual S.A. -- FC IDR 'BB' placed on Rating Watch Positive, pending acquisition by UBS A.G. Due to the constraint by the Country Ceiling previously, it was not put on Watch Positive when the LC IDR was first placed on Watch Positive on 10 May 2006. Short-term FC and Short-term LC affirmed at 'B'; LC IDR 'BB' and Support '5' remain on Watch Positive. Individual affirmed at 'C/D'. National Long-term 'A+(bra) and National Short-term 'F1(bra)' remain on Watch Positive.
Pactual Overseas Corporation ("POC") FC IDR 'BB' placed on Rating Watch Positive, pending acquisition by UBS A.G. Due to the constraint by the Country Ceiling previously, it was not put on Watch Positive when the LC IDR was first placed on Watch Positive on 10 May 2006. Short-term FC and Short-term LC affirmed at 'B'; LC IDR 'BB' and Support '4' remain on Watch Positive.
Banco Safra S.A. -- FC IDR upgraded to 'BB+' from 'BB', Outlook remains Stable and Short-term FC affirmed at 'B', LC IDR affirmed at 'BB+', Outlook remains Stable, Short-term LC affirmed at 'B', Individual affirmed at 'C', Support affirmed at '4', National Long-term affirmed at 'AA(bra)', Outlook remains Stable and National Short-term affirmed at 'F1+(bra)'.
Banco Votorantim S.A. -- FC IDR upgraded to 'BB+' from 'BB', Outlook remains Stable and Short-term FC affirmed at 'B', LC IDR affirmed at 'BBB-' (BBB minus), Outlook remains Stable, Short-term LC affirmed at 'F3', Individual affirmed at 'C/D', Support affirmed at '3', National Long-term affirmed at 'AA+(bra)', Outlook remains Stable and National Short-term affirmed at 'F1+(bra)'.
Unibanco-Uniao de Bancos Brasileiros S.A. -- FC IDR upgraded to 'BB+' from 'BB', Outlook remains Stable and Short-term FC affirmed at 'B', LC IDR affirmed at 'BB+', Outlook remains Stable, Short-term LC affirmed at 'B', Individual affirmed at 'C', Support affirmed at '4', National Long-term affirmed at 'AA(bra)', Outlook remains Stable and National Short-term affirmed at 'F1+(bra)'.
Mexico (Country Ceiling revised to 'A-' (A minus) from 'BBB+'):
BBVA Bancomer -- FC IDR upgraded to 'A-' (A minus) from 'BBB+', Outlook remains Stable, Support upgraded to '1' from '2', Individual affirmed at 'B/C', Short-term FC affirmed at 'F2', LC IDR affirmed at 'A-' (A minus), Outlook remains Stable, Short-term LC affirmed at 'F2', National Long-term affirmed at 'AAA(mex)', Outlook remains Stable, National Short-term affirmed at 'F1+(mex)'.
Banco Nacional de Mexico --FC IDR upgraded to 'A-' (A minus) from 'BBB+', Outlook remains Stable, Support upgraded to '1' from '2', Individual affirmed at 'B/C', Short-term FC affirmed at 'F2', LC IDR affirmed at 'A', Outlook remains Stable, Short-term LC affirmed at 'F1', National Long-term affirmed at 'AAA(mex)', Outlook remains Stable, National Short-term affirmed at 'F1+(mex)'.
Banco Santander Serfin --FC IDR upgraded to 'A-' (A minus) from 'BBB+', Outlook remains Stable, Support upgraded to '1' from '2',Individual affirmed at 'C', Short-term FC affirmed at 'F2', LC IDR affirmed at 'A-' (A minus), Outlook remains Stable, Short-term LC affirmed at 'F2', National Long-term affirmed at 'AAA(mex)', Outlook remains Stable, National Short-term affirmed at 'F1+(mex)'.
HSBC Mexico --FC IDR upgraded to 'A-' (A minus) from 'BBB+', Outlook remains Stable, Support upgraded to '1' from '2', Individual affirmed at 'C', Short-term FC affirmed at 'F2', LC IDR affirmed at 'A', Outlook remains Stable, LC IDR affirmed at 'F1', National Long-term affirmed at 'AAA(mex)', Outlook remains Stable, National Short-term rating affirmed at 'F1+(mex)'.
Uruguay (Country Ceiling revised to 'BB' from 'BB-' (BB minus)):
HSBC Bank Uruguay --FC IDR upgraded to 'BB' from 'BB-' (BB minus), Outlook remains Positive, LC IDR affirmed at 'BB+', Outlook remains Positive, Support affirmed at '3' and National Long-term affirmed at 'AAA(ury)', Outlook remains Stable.
Banco Itau BBA Uruguay Branch --FC IDR upgraded to 'BB-' (BB minus) from 'B+', Outlook remains Positive, LC IDR affirmed at 'BB-' (BB minus) Outlook remains Positive, Support affirmed at '4' and National Long-term affirmed at 'AA(ury)', Outlook remains Stable.
-Ends-
Fitch's National ratings provide a relative measure of creditworthiness for rated entities in countries with relatively low international sovereign ratings and where there is demand for such ratings. The best risk within a country is rated 'AAA' and other credits are rated only relative to this risk. National ratings are designed for use mainly by local investors in local markets and are signified by the addition of an identifier for the country concerned, such as 'AAA(tun)' for National ratings in Tunisia.
Specific letter grades are not therefore internationally comparable. Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
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© Press Release 2006
