WIB's National Ratings reflect moderate support from ICD in case of need.
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A. (Intesa; BBB+/Stable/bbb+) could provide to CIB, in case of need.
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Fitch expects CA, through its regional banks, to provide support if case of need.
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Fitch expects Banco Santander to provide support directly or via SCF in case of need.
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Fitch assumes that these mechanisms would be activated in a timely manner in case of need.
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So they have their own stair to get up and down in the case of need.
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UF, however, benefits from ordinary support made available by its bank shareholders, in case of need.
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Fitch also believes that capital support from the parents will be forthcoming in case of need.
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Fitch believes CdT would most likely receive extraordinary support from its sponsor in case of need.
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Fitch expects the AXA group to provide additional financial support to the company, in case of need.
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According to management, VEB is committed to provide a further RUB14bn of equity in case of need.
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As a PHE, Fitch expects obligors to benefit from very strong state support in case of need.
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Nevertheless, Fitch believes that extraordinary support from PAT would be highly probable and timely, in case of need.
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The guarantee was provided for five years, but Fitch understands this can be prolonged in case of need.
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SUPPORT RATING Fitch believes that in case of need, UBAE would first look to LFB for extraordinary support.
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Fitch's assessment of capitalization includes our expectation that the parent company would extend financial support in case of need.
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Fitch cannot reliably assess the ability of Fiba Group to provide extraordinary support to CEBR in case of need.
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This view is reinforced by the authorities' record of support for the domestic banking system in case of need.
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This view is reinforced by the authorities' track record of support for the domestic banking system in case of need.
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And, in case of need, that steady growth momentum can be further — and safely — underpinned by fiscal and monetary policies.
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It reflects Fitch's opinion that UC would have a high propensity to support its Austrian subsidiary in case of need.
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KEY RATING DRIVERS As a PHE, Fitch expects HUS to benefit from very strong state support in case of need.
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Eqdom's ratings are based on a high probability of support from SGMB's ultimate majority shareholder SG in case of need.
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A high level of integration and common branding also provide strong motivation to support in case of need, in Fitch's view.
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This reflects our view of the high likelihood that CBK would support its US commercial paper programme, in case of need.
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While Fitch considers Connells strategic for the group, we view it as an additional potential source of capital, in case of need.
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PB PB's IDRs, SR and SRF are underpinned by the moderate probability of support from the Azerbaijan authorities, in case of need.
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Boche said the expected flow would be mainly from France to Spain but the interconnector would be reversible in case of need.
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Moderate liquidity support could also be made available by the parent bank, Credit Europe Bank N.V. (CEB; BB-/RWP), in case of need.
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The affirmation of the ratings reflects Fitch's continued belief of a high probability of support from the Bulgarian sovereign, in case of need.
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In Fitch's view the probability is high that Turkiye Finans and Kuveyt Turk would receive support from their parents, in case of need.
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KEY RATING DRIVERS As a PHE, Fitch expects that CHU of Rennes to benefit from very strong state support in case of need.
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SUPPORT RATING The Support Rating could be upgraded if Fitch considers LFB is able to provide extraordinary support to ATB in case of need.
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Furthermore, there is no impact to BTN's National Rating as it is driven by our expectation of extraordinary state support, in case of need.
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SUPPORT RATING AND SUPPORT RATING FLOOR BNSC's SR and SRF are sensitive to Fitch's assumption around capacity to procure extraordinary support in case of need.
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Given ZKB's domestic systemically relevant bank (D-SIB) status, we expect that the Swiss central bank would provide liquidity to ZKB in case of need.
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Each obligor's liquidity is also underpinned by the tight state control through regional committees and potential extraordinary transfers from the state in case of need.
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SUPPORT RATING AND SUPPORT RATING FLOOR CEBR's Support Rating of '4' reflects the limited probability of support from current sole owner CEB, in case of need.
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Fitch believes VSK's majority shareholder has rather limited financial flexibility to support VSK in case of need, as the insurer is the shareholder's key operating asset.
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SUPPORT RATING AND SUPPORT RATING FLOOR AF's SR and SRF are sensitive to Fitch's assumption as to capacity to procure extraordinary support in case of need.
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In our view, the Moroccan state's propensity to support CDG in case of need is very high, as is CDG's propensity to support CIH if required.
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SUPPORT RATING AND SUPPORT RATING FLOOR DCOM's SR and SRF are sensitive to Fitch's assumption as to capacity to procure extraordinary support in case of need.
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The perceived reputational risk would be huge if UOB were not to extend support to UOBC in case of need, as UOBC is its core subsidiary.
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EQDOM'S NATIONAL AND SUPPORT RATINGS Eqdom's ratings are based on a high probability of support from the bank's ultimate majority shareholder SG in case of need.
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Similarly, deterioration in the bank's funding and liquidity would put pressure on the ratings, as would prioritising dividend distribution over capital retention in case of need.
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Moody's on Tuesday affirmed Warba Bank's Baa2 rating and maintained its outlook as stable, citing the "very high probability of government support in case of need".
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The French government does not explicitly guarantee obligors' debt, but Fitch assumes that the state would be willing to provide timely support in case of need.
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Zurich's cash reserves and committed credit line in place ensure good access to short-term liquidity in case of need, further mitigating the canton's refinancing risk.
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DBN is a policy bank and its IDRs, SR, SRF and National Ratings reflect a moderate probability of support from the Namibian authorities in case of need.
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The French government does not explicitly guarantee HUS's debt, but Fitch assumes that the State would have the willingness to provide timely support in case of need.
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We also believe that the UK regulator, the Prudential Regulation Authority, would favour the provision of support from HSBC to its UK subsidiary in case of need.
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SUPPORT RATING AND SUPPORT RATING FLOOR The Support Rating and Support Rating Floor are sensitive to Fitch's assumption around capacity to procure extraordinary support in case of need.
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SUPPORT RATING AND SUPPORT RATING FLOOR CBU's Support Rating and Support Rating Floor are sensitive to Fitch's assumption around capacity to procure extraordinary support in case of need.
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Fitch believes that the government's propensity to provide support to ICO, in case of need, is strong and the ability to support is underlined in Spain's sovereign rating.
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Fitch considers that Citibanamex is a core subsidiary for Citi, being one of its most relevant subsidiaries in emerging markets, and support should be forthcoming in case of need.
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SUPPORT RATING AND SUPPORT RATING FLOOR CVB's Support Rating and Support Rating Floor are sensitive to Fitch's assumption as to capacity to procure extraordinary support in case of need.
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SUPPORT RATING AND SUPPORT RATING FLOOR The Support Rating and Support Rating Floor are sensitive to Fitch's assumptions regarding FMBI's capacity to procure extraordinary support in case of need.
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Given its size relative to its parent, Fitch believes that, in case of need, support would be forthcoming from the Kuwaiti government, on whose support KFH's own ratings rely.
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The French government does not explicitly guarantee CHU of Rennes' debt, but Fitch assumes that the State would have the willingness to provide timely support in case of need.
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KEY RATING DRIVERS IDRs The affirmation of BIR's IDRs reflects Fitch's view that BIR would likely be supported, in case of need, by its ultimate parent, Intesa Sanpaolo S.p.
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SUPPORT RATING AND SUPPORT RATING FLOOR FNB's Support Rating and Support Rating Floor are sensitive to Fitch's assumption as to capacity to procure extraordinary support in case of need.
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Capital support was made available by the foreign owners in 70-211153Q2120 (BGPB, BPS) and Fitch believes it will remain available for all three banks, in case of need.
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SUPPORT RATING AND SUPPORT RATING FLOOR INDB's Support Rating and Support Rating Floor are sensitive to Fitch's assumption as to capacity to procure extraordinary support in case of need.
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SUPPORT RATING AND SUPPORT RATING FLOOR The Support Rating and Support Rating Floor are sensitive to Fitch's assumption as to capacity to procure extraordinary support in case of need.
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While there are no plans for equity injections in the near term, we believe that parental capital support will be available for all three banks, in case of need.
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Under pressure from the commission and markets, it backed off; besides the €1 billion in tax rises and spending cuts, it added further "Plan B" cuts in case of need.
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These ratings, as well as the Support Rating, reflect Fitch's opinion that there is a high probability of support for the bank from the Bulgarian sovereign, in case of need.
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Fitch believes that the state would act pre-emptively to replenish BNG's capital levels, in case of need, due to the dependence of the bank's business model on wholesale funding.
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RATING SENSITIVITIES Support Ratings and Support Rating Floors CIT's Support Rating and Support Rating Floor are sensitive to Fitch's assumptions around CIT's capacity to procure extraordinary support in case of need.
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SUPPORT RATING AND SUPPORT RATING FLOOR CPF's Support Rating and Support Rating Floor are sensitive to Fitch's assumption as to the bank's capacity to procure extraordinary support in case of need.
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Should CdT's total financial debt exceed the targeted guaranteed amount, and considering the unique role of the entity within the provincial territory, extraordinary support from PAT, in case of need, is likely.
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There have been a few incidents of LGBT people being harassed, and Oetomo said LGBT groups are now working to set up safehouses and draw up evacuation plans in case of need.
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In our view, high financial leverage is counterbalanced by beneficial underlying volume growth, scale benefits support profitability, and low capital intensity support satisfactory FCF generation and deleveraging ability in case of need.
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Fitch also believes that DNB, the Dutch central bank, which is the common regulator for banks and insurance companies in the Netherlands, will encourage Achmea to support the bank in case of need.
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The '5' Support Rating and 'No Floor' Support Rating Floor reflect Fitch's view that support from either the bank's shareholders or the Russian authorities could not be relied upon, in case of need.
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" -The DEA demanded Hacking Team to be quick and reliable in case of need, and provide support "within 20 minutes" of a DEA agent asking for help "at least 95% of the time.
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SUPPORT RATING AND SUPPORT RATING FLOOR SEB's '2' Support Rating (SR) and 'BBB-' Support Rating Floor (SRF) reflect Fitch's expectation that support from the Swedish authorities remains highly likely in case of need.
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Hundhammer said the industries that may supply Nyhamna in case of need get their supply from other power lines, so their electricity flow would not be disrupted if Nyhamna's link suffered an outage.
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The National Savings Bank Act contains an explicit deposit guarantee and Fitch believes authorities would support, in case of need, the bank's depositors and senior unsecured creditors to maintain confidence and systemic stability.
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SUPPORT RATING AND SUPPORT RATING FLOOR Swedbank's '11533' Support Rating (SR) and 'BBB-' Support Rating Floor (SRF) reflect Fitch's expectation that support from the Swedish authorities remains highly likely in case of need.
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SUPPORT RATINGS and SUPPORT RATING FLOORS The banks' '2' Support Ratings and 'BBB-' Support Rating Floors reflect Fitch's view of a high probability of support from the Turkish authorities in case of need.
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KEY RATING DRIVERS IDRS, SENIOR DEBT AND SUPPORT RATINGS The IDRs, senior debt ratings and Support Ratings (SRs) of UBL and UBIL reflect a high probability of support from RBSG in case of need.
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Sound buffers of regulatory capital and higher liquidity than peers are also factored into the rating, particularly as Fitch expects ample liquidity and capital would be available from the group in case of need.
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Italian lenders reversed initial weakness with the bank sector index ending up 2.1 percent after the European Commission authorised a six-month guarantee scheme to provide liquidity to solvent banks in case of need.
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The Support and Short-Term ratings reflect Fitch's view of UBS Bank USA's integration and important role within the group would mean an extremely high probability of support from UBS AG in case of need.
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The Support Ratings (SRs) and Support Rating Floors (SRFs) of all the major banks reflect Fitch's view that, as systematically important banks in Japan, they are likely to receive government support in case of need.
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KEY RATING DRIVERS IDRs, SUPPORT RATING AND SUPPORT RATING FLOOR Barwa's IDRs, Support Rating (SR) and Support Rating Floor (SRF) reflect Fitch's expectation of support from the Qatari authorities for domestic banks in case of need.
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The alignment of the ratings/Outlooks with those of Italy reflects Fitch's view that FS's integration with and strategic importance to the national government imply a high probability of financial extraordinary support in case of need.
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KEY RATING DRIVERS IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR QNB's IDRs, Support Rating (SR) and Support Rating Floor (SRF) reflect Fitch's expectation of support from the Qatari authorities for domestic banks in case of need.
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Of course, in case of need, the Fed, as a lender of last resort, can always relapse into mindless quantitative easing routines — but that would again be a desperate measure of a seemingly never-ending crisis management.
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Seylan Bank's rating reflects Fitch's view that the government of Sri Lanka (B+/Negative) would provide it extraordinary support in case of need because the regulator has classified it as one of six domestic systemically important banks.
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Fitch believes CdT would most likely receive extraordinary support from its sponsor in case of need, as its total debt outstanding as of end-2015, fully covered by PAT's liquidity, represents only one-third of PAT's budget.
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The NSB Act contains an explicit deposit guarantee and Fitch is of the view that the authorities would support, in case of need, the bank's depositors and its senior unsecured creditors to maintain confidence and systemic stability.
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UniCredit's shares closed up 2.3 percent, reversing earlier losses as Italian banks gained on news that the European Commission has authorised a six-month Italian guarantee scheme to provide liquidity to solvent banks in case of need.
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KEY RATING DRIVERS IDRS, SENIOR DEBT AND SUPPORT RATING - BANCO BPI Banco BPI's IDRs, senior debt ratings and Support Rating reflect a high probability of support from its ultimate parent, Caixabank (BBB/Positive), in case of need.
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KEY ASSUMPTIONS Fitch assumes that in case of need, the Maltese government would only be predisposed towards supporting the core domestic banks that are systemically important, in particular Bank of Valletta (115% of GDP at-end 2016).
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KEY ASSUMPTIONS Fitch assumes that in case of need, the Maltese government would only be predisposed towards supporting the core domestic banks that are systemically important, in particular Bank of Valletta (109% of GDP at-end 2016).
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In Fitch's view, AFD would benefit from very strong state support in case of need, due to its Etablissement Public Industriel et Commercial (EPIC) status, its strategic role in governmental policies, and thorough oversight by the state.
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SRS AND SRFS The Support Ratings (SRs) and Support Rating Floors (SRFs) of all the major banks reflect Fitch's view that, as systematically important banks in Japan, they are likely to receive government support in case of need.
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The National Savings Bank Act contains an explicit deposit guarantee and Fitch is of the view that the authorities would support, in case of need, the bank's depositors and senior unsecured creditors to maintain confidence and systemic stability.
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Refinancing risk is low at the three banks because they are self-funded with stable and largely granular customer deposits, they hold ample liquidity buffers and can rely on ordinary liquidity support from their parents, in case of need.
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Tax-raising flexibility is limited but the provision for co-shared responsibilities, such as healthcare, together with the regions' presence in capital markets are incentives for the central government to provide financial support to regions in case of need.
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"Although the Governing Council does not see material signs of strains in money markets or liquidity shortages in the banking system, these operations will provide an effective backstop in case of need," the central bank said in a statement.
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SUPPORT RATINGS AND SUPPORT RATING FLOORS The affirmation of BoG's, TBC's and LB's '4' Support Ratings and 'B' Support Rating Floors (SRFs) reflects Fitch's view of the limited probability of support being available from the Georgian government, in case of need.
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SUPPORT RATINGS AND SUPPORT RATING FLOORS The Support Ratings (SRs) and Support Rating Floors (SRFs) of all the major banks reflect Fitch's view that, as systematically important banks in Japan, they remain likely to receive government support in case of need.
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The track record of funding from PAT to support TT's capex and guarantees to back TT's loans underpin Fitch's view that extraordinary support from the province is highly likely in case of need, hence limiting the rating differential to one notch.
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Fitch believes that the Brazilian government would have a high willingness to support BNDES in case of need; however, its capacity to do so has fallen in the recent past, as reflected in the successive sovereign rating downgrades in 2015 and 2016.
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KEY RATING DRIVERS IDRS, SENIOR DEBT, SUPPORT RATING AND SUPPORT RATING FLOOR BGK's IDRs, senior debt rating, Support Rating and Support Rating Floor reflect Fitch's view of an extremely high probability of support from the Polish state (A-/Stable), in case of need.
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In addition, the government has provided monetary and non-monetary support to the company in the past due to the strategic links between WSAM and Wuhan Municipality, and Fitch believes that it would do so in the future in case of need.
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KEY RATING DRIVERS IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR The Long-Term IDRs, Support Ratings and Support Rating Floors are underpinned by potential state support, in case of need, and are dependent on the level of the sovereign rating (B-/Stable).
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Fitch believes that the Brazilian government would have a high willingness to support BdB in case of need; however, its capacity to do so has fallen in the recent past, as reflected in the successive sovereign rating downgrades in 2015 and 2016.
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KEY RATING DRIVERS IDRS, SUPPORT RATING AND SENIOR DEBT The 'BBB+' Long-Term IDR of ICO is at the bank's Support Rating Floor and reflects Fitch's view of a high probability that Spain (BBB+/Positive/F2) will support ICO in case of need.
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KEY RATING DRIVERS IDRS, SUPPORT RATING AND SENIOR DEBT The 'BBB+' Long-Term IDR of ICO is at the bank's Support Rating Floor and reflects Fitch's view of a high probability that Spain (BBB+/Stable/F2) will support ICO in case of need.
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KEY RATING DRIVERS Achmea Bank's IDRs, Support Rating and senior unsecured debt rating are based on Fitch's view of the extremely high probability of support that it would receive from its parent Achmea in case of need, and on Fitch's assessment of Achmea's creditworthiness.
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In Fitch's view, AFD would benefit from very strong state support in case of need, due to its Etablissement Public Industriel et Commercial (EPIC) status, its strategic role in governmental policies, thorough oversight by the state and, to a lesser extent, integration with the state.
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The affirmation of the Long-Term IDRs of Denizbank at 'BB+' reflects Fitch's view of support from its 99.85% owner Sberbank (BBB-/Positive), in case of need, due to its strategic importance to, and integration with, Sberbank and the parent's track record of support.
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MOSCOW/DUBAI (Reuters) - Russia and Saudi Arabia have a general consensus that the OPEC+ format should be "institutionalized" and extended until 2019 and beyond for oil market monitoring and joint action in case of need, Russia's energy ministry said in a statement on Friday.
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We expect the authorities to make this FX liquidity available to banks, in case of need, to avoid defaults on external borrowings, although nearly half of these comprise facilities from Russian creditors and so are more likely to be rolled over, in our view.
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KEY RATING DRIVERS IDRS, SUPPORT RATINGS AND SUPPORT RATING FLOORS The IDRs, Support Ratings (SR) and Support Rating Floors (SRFs) of all Qatari banks reflect Fitch's expectation of an extremely high probability of support from the Qatari authorities for domestic banks in case of need.
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Negative rating actions could also be taken if BOC Aviation's operating performance was to deteriorate, thereby not delivering the return on investment envisaged by BOC, which could impact Fitch's assessment of the propensity of BOC to provide support to BOC Aviation in case of need.
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SUPPORT RATING AND SUPPORT RATING FLOOR The bank's Support Rating (SR) and Support Rating Floor (SRF) reflect our view that following the introduction of Bank Recovery and Resolution Directive, the likelihood of Creval being supported, in case of need, by the Italian authorities has reduced substantially.
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KEY RATING DRIVERS IDRS, SUPPORT RATINGS, SUPPORT RATING FLOORS The affirmation of the Long-Term Foreign Currency IDRs and Support Rating Floors (SRFs) of all four banks at 'B+' reflects Fitch's view of a high propensity of the Uzbek authorities to support the banks, in case of need.
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KEY RATING DRIVERS IDRs, SENIOR DEBT, SUPPORT RATING AND SUPPORT RATING FLOOR BNG's 'AA+' Long-Term IDR is at the bank's Support Rating Floor (SRF) and reflects Fitch's belief that there is an extremely high probability that the Netherlands (AAA/Stable) will support the bank in case of need.
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KEY RATING DRIVERS AND SENSITIVITIES - LOCAL CURRENCY IDR AND SENIOR DEBT OF BGK BGK's Long-Term Local and Foreign Currency IDRs and senior debt ratings are equalised with the sovereign and reflect Fitch's view of an extremely high probability of support from the Polish state (A-/Stable), in case of need.
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KEY RATING DRIVERS IDRS, SUPPORT RATINGS, SUPPORT RATING FLOORS AND SENIOR DEBT - BM, NBO, ABO, BD and BS BM's, NBO's, ABO's, BD's and BS' IDRs, Support Ratings (SRs) and Support Rating Floors (SRFs) reflect Fitch's expectation of a high probability of support from the Omani authorities in case of need.
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Its IDRs and debt ratings are aligned with HSBC's equivalent ratings primarily because we view HSBC Bank as a key and integral part of the group's business and we believe there to be an extremely high probability its parent will provide extraordinary support, in case of need, on a timely basis.
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KEY RATING DRIVERS MFB and Hexim The upgrades of state-owned MFB and Hexim reflect the improved ability of the government to provide extraordinary support, in case of need, as reflected in the upgrade of Hungary's Long-Term IDR, while the propensity to support both banks remains strong, in Fitch's view.
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However, these ratings also reflects the non-strategic nature of the state ownership of Privat - in contrast to JSC The State Export-Import Bank of Ukraine (Ukreximbank) and JSC State Savings Bank of Ukraine (Oschadbank) - and the limited ability of the authorities to provide foreign currency support in case of need.
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KEY RATING DRIVERS IDRS, SUPPORT RATING AND SENIOR DEBT RATINGS Achmea Bank's IDRs, Support Rating and senior unsecured debt ratings are based on Fitch's view of the extremely high probability that the bank would receive support, in case of need, from its parent Achmea B.V. (Achmea), combined with Fitch's assessment of Achmea's creditworthiness.
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Silvio Berlusconi has been contacted directly by other shareholders of the group - with a total stake of between 21 to 20.9512 percent - who have declared themselves ready to support the Berlusconi family's position, in case of need against France's Vivendi, daily il Corriere della Sera reported on Monday, citing sources close to the matter.
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RATING SENSITIVITIES - IDRS, NATIONAL RATINGS, SUPPORT RATINGS, SUPPORT RATING FLOORS, DEBT RATINGS Any changes in Brazil's sovereign ratings or in Fitch's evaluation of the government's willingness to provide support to BdB, in case of need, would directly affect these banks' IDRs, SRs, SRFs and debt ratings, all of which are driven by expected sovereign support.
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KEY RATING DRIVERS IDRS, DERIVATIVE COUNTERPARTY RATING, SUPPORT RATING, SENIOR AND SUBORDINATED DEBT ICBC SB's IDRs, Support Rating, senior and subordinated debt ratings reflect Fitch's view of a high probability that support would be provided to the bank by its 60% shareholder, Industrial and Commercial Bank of China Ltd (ICBC) (A/Stable/bb), in case of need.
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RATING SENSITIVITIES - IDRS, NATIONAL RATINGS, SUPPORT RATINGS, SUPPORT RATING FLOORS, DEBT RATINGS Any changes in Brazil's sovereign ratings or in Fitch's evaluation of the government's willingness to provide support to BNDES, in case of need, would directly affect these banks' IDRs, National ratings, SRs, SRFs and debt ratings, all of which are driven by expected sovereign support.
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KEY RATING DRIVERS IDRS AND SUPPORT RATINGS The affirmation of IDRs of K&H, EBH and CIB reflects Fitch's unchanged view of the ability and propensity of their respective parents - KBC Bank (KBC; A-/Positive/a-), Erste Group Bank AG (Erste; BBB+/Stable/bbb+) and Intesa Sanpaolo (Intesa; BBB+/Stable/bbb+) to provide support, in case of need.
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KEY RATING DRIVERS IDRS, SUPPORT RATING, SUPPORT RATING FLOOR and NATIONAL RATINGS DBN's Long and Short-Term Foreign and Local Currency IDRs, National Ratings, Support Rating (SR) and Support Rating Floor (SRF) are driven by Fitch's assumption of a high probability of support from the Namibian sovereign (BBB-/Negative) for the bank in case of need.
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The affirmation and Negative Outlooks reflect Fitch's expectation that TS's financial profile will remain sound in the medium term, due to potential extraordinary support from the Autonomous Province of Trento (PAT, A/Negative), which is TS's sponsor in case of need (see 'Fitch Affirms Italian Autonomous Province of Trento at 'A'; Negative Outlook' dated 2 December 2016 at www.fitchratings.com).
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SUPPORT RATINGS AND SUPPORT RATING FLOORS The affirmation of the Support Rating Floors at 'No Floor' and Support Ratings at '5' reflects Fitch's view of the Ukrainian authorities' still limited ability to provide support to the banks, in particular in foreign currency, in case of need, as indicated by the sovereign's 'CCC' Long-Term Foreign Currency IDR.
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Fitch has applied zero notches for incremental non-performance risk, as the agency believes that the risk of the notes absorbing losses is broadly in line with the risk of the bank defaulting on its senior debt, with both depending on the extent to which the bank, in case of need, can receive and utilise support from its controlling shareholder, BBVA.
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KEY RATING DRIVERS IDRS, SUPPORT RATINGS, SUPPORT RATING FLOORS (SRFs), The affirmation of the Long-Term Foreign Currency IDRs and Support Rating Floors (SRFs) of Sberbank and VEB at the sovereign level of 'BBB-', and those of RusAg and GPB at 'BB+', reflects Fitch's view of a very high propensity of the Russian authorities to support the banks, in case of need.
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At the same time, SB's and GB's Long-Term IDRs of 'BB-' and Support Ratings of '3' continue to reflect the moderate probability of support, in case of need, from VEB, taking into account: (i) their full ownership by VEB; (ii) the track record of equity and liquidity support to date; and (iii) potential reputational risk for VEB in case of them defaulting.
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The bank downgrades reflect (i) a weakening of the Turkish operating environment, and Fitch's view that it is not appropriate to rate Turkish banks above the sovereign based on their standalone strength; (ii) a reduction in the likelihood that the sovereign will be able to provide support to banks, in case of need; and (iii) the lower Country Ceiling, implying an increase in transfer and convertibility risks.
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These ratings could also be downgraded and revised downward respectively if either (i) the banks' foreign currency positions deteriorate to an extent that might limit the sovereign's ability to provide them with sufficient extraordinary support in foreign currency; (ii) Fitch believes the ability of the sovereign to provide support in case of need has markedly reduced; or (iii) Fitch believes the sovereign's propensity to support the banks has reduced.
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