KEY RATING DRIVERS Ratings Equalised with Government: MTRC's ratings are equalised with the Hong Kong government due to its strong linkage and high strategic importance.
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CNHI Capital Ratings Equalised with Parent's: CNHI Capital's ratings are equalised with CNHI's ratings, reflecting Fitch's view of CNHI Capital as a core subsidiary of CNHI.
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AIS-AWN Ratings Equalised: AWN's ratings are equalised with those of AIS to reflect the strong links between the two companies, in line with Fitch's Parent and Subsidiary Rating Linkage criteria.
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KEY RATING DRIVERS Rating Equalised with Sovereign: Pertamina's ratings are equalised with that of its parent, the Republic of Indonesia (BBB-/Positive), as per Fitch's Parent and Subsidiary Rating Linkage methodology.
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AIS-AWN Ratings Equalised: The ratings of AWN are equalised with those of AIS to reflect the strong links between AWN and AIS, in line with Fitch's Parent and Subsidiary Rating Linkage criteria.
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NBKI's IDRs are equalised with those of parent bank NBK.
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LBBW's senior unsecured debt ratings are equalised with its IDRs.
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KEY RATING DRIVERS Ratings Equalised with Sovereign: KLHC's ratings are equalised with the ratings of South Korea (AA-/Stable) due to its status as a not-for-profit quasi-government institution and strategic importance to the state.
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REC's ratings are equalised with those of the Indian sovereign (BBB-/Stable).
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AVTODOR's ratings are equalised with those of the Russian Federation (BBB-/Stable).
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Senior debt issued under these programmes is also equalised with its IDRs.
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As such, Beijing Shougang Fund's ratings are equalised with those of Shougang Group.
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Unless its importance to ENBD diminishes, EI's IDRs will remain equalised with ENBD's.
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Therefore, the bank's DCR and Deposit Ratings are equalised with the bank's IDRs.
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The ratings of BayernLB's senior unsecured obligations are equalised with the bank's IDRs.
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DFG's rating is equalised with DFM's due to strong parent and subsidiary linkage.
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As a result, the ratings of HCL are equalised with those of France.
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RATING SENSITIVITIES Gdansk IDRs are currently equalised with those of Poland (A-/Stable).
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KEY RATING DRIVERS Ratings Equalised With Sovereign: SBC's ratings are equalised with the ratings of Korea (AA-/Stable/F1+), reflecting its crucial strategic importance to government policy and high probability of extraordinary government support, which is legally based, if needed.
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Niklas Wellen opened the scoring for Germany, while Rupinder Pal Singh equalised for India.
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Senior debt issued under these programmes are also equalised with the bank's National Ratings.
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SaarLB's short-term senior unsecured debt rating is equalised with its Short-Term IDRs.
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This means our Laender ratings are equalised with those of the Federal Republic of Germany.
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RATING SENSITIVITIES Gliwice's IDRs are currently equalised with those of the Polish sovereign (A-/Stable).
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We don't want finances to be equalised automatically; that must continue always to be decided politically.
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SENIOR DEBT RATINGS The senior unsecured debt programme ratings of FRB are equalised with its IDRs.
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The National Ratings of FRB's senior unsecured debt programmes are equalised with the bank's National Ratings.
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Akros's ratings are equalised with those of Banca Popolare di Milano (BPM; BB+/RWN), its 2530% shareholder.
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The IDRs of Deniz Leasing and Denizbank Moscow are support-driven and equalised with those of Denizbank.
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Zhanglong's ratings are credit-linked with, but not equalised to, Fitch's internal credit assessment of Zhanglong municipality.
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SENIOR NON-PREFERRED DEBT RATINGS The programme ratings are driven by and equalised with SCB AG's IDRs.
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As a result, the ratings of HUS are credit-linked to, and equalised with, those of France.
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KEY RATING DRIVERS BDB's IDRs and SRF are equalised with those of the Bulgarian sovereign (BBB-/Stable).
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KEY RATING DRIVERS IVF's IDR are equalised with Valencia to reflect its statutory guarantee on IVF's liabilities.
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DERIVATIVE COUNTERPARTY RATING AND DEPOSIT RATINGS The bank's DCR and Deposit Ratings are equalised with its IDRs.
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Things remained cagey, before Simonsen equalised for Monchengladbach with an absolute screamer early in the second half.
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Huafa's ratings are credit-linked with, but not equalised to, Fitch's internal credit assessment of Zhuhai Municipality.
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Unless its importance to ENBD diminishes, the IDRs of EI will continue to be equalised with ENBD's.
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As a result, APETRA's ratings are equalised with those of, and credit-linked to, Belgium (AA-/Stable/F1+).
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KEY RATING DRIVERS The programme's ratings are driven by and equalised with SCB's Long- and Short-Term IDRs.
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The ratings of Banco Portugues de Investimento (BPI) are equalised with those of its 100% parent, Banco BPI.
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A DCR can be equalised with, or notched up from, a bank's Long-Term Issuer Default Rating (IDR).
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Hanrui's ratings are credit-linked with, but are not equalised to, Fitch's assessment of Zhenjiang Municipality's credit profile.
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Zhuhai Huafa's ratings are credit-linked with, but not equalised to, Fitch's internal credit assessment of Zhuhai municipality.
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Bale's free-kick gave them the lead against Slovakia, who equalised and then dominated early in the second half.
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Sogelease's IDRs are equalised with those of SGE as Fitch views the leasing company as the bank's core subsidiary.
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Sogelease's IDRs are equalised with those of Expressbank as Fitch views the leasing company as the bank's core subsidiary.
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KEY RATING DRIVERS IDRS, SUPPORT RATINGS AND NATIONAL RATINGS DBN's ratings are equalised with those of the Namibian sovereign.
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KEY RATING DRIVERS Links to Nanjing Municipality: NYSI's IDR is credit-linked to, but not equalised with, Nanjing municipality.
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Fang Yang's ratings are credit linked to, but not equalised with, Fitch's assessment of the creditworthiness of Lianyungang Municipality.
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As a result, the ratings of CHU of Rennes are credit-linked to, and equalised with, those of France.
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DERIVATIVE COUNTERPARTY RATING AND DEPOSIT RATINGS BayernLB's Derivative Counterparty Rating (DCR) and Deposit Ratings are equalised with its IDRs.
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DERIVATIVE COUNTERPARTY RATING AND DEPOSIT RATINGS The bank's Derivative Counterparty Rating and Deposit Ratings are equalised with its IDRs.
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KEY RATING DRIVERS BDB's IDRs and Support Rating Floor are equalised with those of the Bulgarian sovereign (BBB-/Stable).
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Victor Moses equalised and Payet's delightful free kick put the Hammers ahead at the interval before they raced away.
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The short-term rating of Commerzbank U.S. Finance Inc's commercial paper programme is equalised with CBK's Short-Term IDR.
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Meanwhile, Optus's rating is equalised with Singtel's standalone credit profile of 'A', given the strong linkage between the two entities.
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Klopp's side failed to build on Sadio Mane's 22nd minute opener after West Ham equalised six minutes later through Michail Antonio.
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KEY RATING DRIVERS Links to Wuhan Municipality: WSAM's ratings are credit linked to, but not equalised with, those of Wuhan municipality.
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KEY RATING DRIVERS Links to Nanjing Municipality: NYSI's IDR is credit-linked to, but not equalised with, Nanjing municipality in China.
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Chelsea's Didier Drogba equalised and the game went to extra time, which concluded with the teams still drawn at 20163-22016.
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Stina Blackstenius put Sweden ahead on Friday after 61 minutes but the United States equalised 16 minutes later through Alex Morgan.
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And Palace made the most of the escape as they equalised four minutes from time with a little help from VAR.
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In its analysis, Fitch has equalised the margin on the variable rate assets to the average extension margin on the covered bonds.
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SUBSIDIARY AND AFFILIATED COMPANY The ratings of Banco Portugues de Investimento (BPI) are equalised with those of its 28403% parent, Banco BPI.
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Due to strong legal, operational and strategic ties the rating of GIE PSA Tresorerie is equalised with that of the parent, PSA.
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RATING SENSITIVITIES IDRS, SENIOR DEBT AND SUPPORT RATINGS The major banks' IDRs and Outlooks are equalised with those of their respective parents.
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KEY RATING DRIVERS Linked to Guangzhou Municipality: The ratings of SFund are credit-linked to, but not equalised with, those of Guangzhou Municipality.
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KEY RATING DRIVERS Links to Henan Province: Yuzi's rating is credit linked to, but not equalised with, Fitch's internal assessment of Henan province.
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KEY RATING DRIVERS SENIOR DEBT The bank's senior debt ratings are driven by and equalised with BAWAG's Long-Term Issuer Default Rating (IDR).
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Unless CN's integration with or strategic importance to SG diminishes, CN's IDRs and senior debt ratings will continue to be equalised with SG's.
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KEY RATING DRIVERS Linkage to Wuxi Municipality: WCDI's ratings are credit-linked but not equalised with Fitch's internal assessment of China's Wuxi Municipality.
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KEY RATING DRIVERS Linked to Baoji Municipality: The ratings of BIG are credit-linked to, but not equalised with, those of Baoji Municipality.
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KEY RATING DRIVERS Rating Equalised to Consolidated Profile: Fitch analyses Ciputra Development and its subsidiaries, including Ciputra Residence, as a single economic entity.
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KEY RATING DRIVERS Credit Linked to Anhui Province: AHTG's ratings are credit linked to, but not equalised with, those of China's Anhui province.
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KEY RATING DRIVERS Both banks' IDRs, Support Rating Floors and senior unsecured debt ratings are equalised with those of the Hungarian sovereign (BBB-/Stable).
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The National long-term ratings of senior debt issued by Absa, BAGL and FRB are equalised with their respective issuers' National Long-Term Ratings.
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The National Ratings of ICBCTL are equalised with those of ICBCT to reflect Fitch's view that it is a core subsidiary of the bank.
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This premise also drives MEXIM's Support Rating Floor and LT IDR of 'A-', which are equalised with the LT IDR of the Malaysian sovereign.
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KEY RATING DRIVERS Linked to Chongqing Municipality: CQNA's ratings are credit-linked to, but not equalised with, the assessment of Chongqing Municipality's credit profile.
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KEY RATING DRIVERS Links to Huai'an Municipality: Huai An Traffic's ratings are linked to, but not equalised with, Fitch's internal assessment of Huai'an municipality.
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The ratings of JCDI are credit-linked to, but not equalised with, Fitch's internal assessment of the creditworthiness of Jiaxing municipality in eastern China.
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Fitch believes there is a very high probability of IIGF receiving extraordinary state support, if needed, and its ratings are equalised with the sovereign.
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GZMG's ratings are credit linked to but not equalised with, Fitch's internal assessment of the creditworthiness of Guangzhou Municipality, the capital of Guangdong Province.
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GOHL's rating is equalised with that of Genting due to strong operational and strategic ties, in line with Fitch's Parent and Subsidiary Rating Linkage criteria.
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The stability of Germany's solidarity and financial equalisation system underpins the regional states' IDRs, which are equalised with those of the German sovereign (AAA/Stable).
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Linked to Zhangzhou Municipality: The ratings of Zhanglong are credit-linked to, but not equalised with, Fitch's internal assessment of the creditworthiness of Zhangzhou Municipality.
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CdT's ratings are equalised with those of PAT by virtue of the guarantee it provides for CdT's debt under provincial law 13/1973 art. 8bis.
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Both sides had spells of dominance and Valencia equalised through a Dani Parejo penalty just before halftime after a foul by Pepe on Andre Gomes.
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KEY RATING DRIVERS Links to Xi'an Municipality: The ratings of XICI are credit linked but not equalised with Fitch's internal credit assessment of Xi'an Municipality.
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KORAIL's ratings are equalised with those of the Korean sovereign (AA-/Stable) due to the company's strong links with the sovereign and its high strategic importance.
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KEY RATING DRIVERS Links to Huai'an Municipality: The ratings of HAD are credit-linked to but not equalised with Fitch's internal credit assessment of Huai'an Municipality.
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UBIL's IDRs could become equalised with RBSG's if the subsidiary becomes more closely integrated within the wider group and develops a track record of adequate profitability.
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KEY RATING DRIVERS Linked to Jinan Municipality: JWC's ratings are credit linked to, but not equalised with, Fitch's internal assessment of the creditworthiness of Jinan Municipality.
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KEY RATING DRIVERS SENIOR NON-PREFERRED DEBT RATINGS The programme ratings are driven by and equalised with SCB AG's Issuer Default Ratings (IDRs) of 'A-'/'F2'.
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BANK SUBSIDIARIES The IDRs of the banks' subsidiaries are equalised with those of their respective parents, reflecting their strategic importance to and integration with their shareholders.
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KEY RATING DRIVERS Links to Qingdao Municipality: QCCI's ratings are credit linked to, but not equalised with, Fitch's internal assessment of the creditworthiness of Qingdao Municipality.
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GENS's ratings are equalised with those of Genting due to the strong strategic and operational ties, with GENS contributing 47.2% of Genting's consolidated EBITDA in 2015.
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Namibia Water Corporation's Long-Term Local Currency IDR is equalised with that of its Namibian sovereign parent and today's action follows the downgrade on the sovereign.
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Strong Linkage: The ratings of SMART, IMT, and SMS are equalised with the credit profile of GAR, reflecting the strong strategic and operating linkages to GAR.
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KEY RATING DRIVERS Linked to Yangzhou Municipality: YUCH's ratings are credit linked to, but not equalised with, those of Yangzhou Municipality in China's eastern Jiangsu Province.
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The ratings of Bashkortostan Republic, the Republic of Sakha (Yakutia), and Chelyabinsk, Leningrad and Novosibirsk regions are equalised with, but not constrained by, those of the sovereign.
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CdT's ratings are equalised with those of PAT by virtue of the guarantee provided by the sponsor for CdT's debt under provincial law 13/1973 art. 8bis.
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SKB Equalised with SKT: The relationship between SKB and its parent SKT is close enough to align the ratings, under Fitch's Parent and Subsidiary Rating Linkage criteria.
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KEY RATING DRIVERS Linked to Changsha Municipality: Changsha Pilot's ratings are credit linked to, but not equalised with, Fitch's internal assessment of the creditworthiness of Changsha Municipality.
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It could have been worse for the league leaders, who were 1-0 down until Nigerian striker Blessing Eleke equalised in the last minute of the game.
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KEY RATING DRIVERS Links to Huai'an Municipality: Huai An Traffic's ratings are linked to, but not equalised with, Fitch's internal assessment of the creditworthiness of Huai'an municipality.
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The ratings are equalised with the ratings of South Korea due to SBC's strong links to the sovereign and high probability of extraordinary government support, if needed.
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The DCR is equalised with Erste's Long-Term IDRs because in Austria derivative counterparties have no definitive preferential status over other senior obligations in a resolution scenario.
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KEY RATING DRIVERS Linked to Xi'an Municipality: The ratings of XICI are credit-linked to, but not equalised with, Fitch's assessment of the creditworthiness of Xi'an Municipality.
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KEY RATING DRIVERS IDRS, SENIOR DEBT AND SUPPORT RATING SCF's Long- and Short-Term IDRs are equalised with those of its parent, Banco Santander, S.A. (Santander; A-/Stable).
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KEY RATING DRIVERS Linked to Zhangzhou Municipality: The ratings of Zhanglong are credit-linked to, but not equalised with, Fitch's internal assessment of the creditworthiness of Zhangzhou Municipality.
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KEY RATING DRIVERS IVF's IDRs are equalised with those of the Autonomous Community of Valencia (Valencia; BBB-/Stable/F3) to reflect the latter's statutory guarantee on IVF's liabilities.
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KEY RATING DRIVERS Links to Zhuhai Municipality: Huafa's ratings are credit-linked but not equalised with Fitch's internal assessment of the creditworthiness of Zhuhai Municipality in southern China.
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Valencia's improved as the first half went on and equalised after Pepe was caught out by Gomes and he brought him down for a penalty struck by Parejo.
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KEY RATING DRIVERS IDRS, NATIONAL RATINGS AND SENIOR DEBT The Long-Term IDRs of TKB and Turk Eximbank are equalised with those of the Turkish sovereign (BBB-/Negative).
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CSGAG: CSGAG's VR is equalised with that of Credit Suisse, which accounts for 98% of CSGAG's consolidated assets, reflecting its almost exclusive role as Credit Suisse's holding company.
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The hosts equalised five minutes later when Raphael Varane's poor clearance from Momo's cross fell to Tana and the Spanish forward slotted the ball in from 10 metres.
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KEY RATING DRIVERS Huai An Traffic's ratings are linked to, but not equalised with, Fitch's internal assessment of the creditworthiness of Huai'an municipality, located in China's Jiangsu province.
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KEY RATING DRIVERS Linked to Huzhou Municipality: The ratings of HIDG are credit linked, but not equalised with, Fitch's assessment of the creditworthiness of Huzhou Municipality in eastern China.
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The Londoners equalised in the 65th minute when Moura's shot from the edge of the area took a deflection off Luke Shaw that wrong-footed substitute goalkeeper Sergio Romero.
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UGID's ratings are credit-linked to, but not equalised, with Fitch's internal assessment of the district government of the Urumqi High-tech Industrial Development Zone (New City) in China.
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"I really wanted to win," the coach said after their 2-2 draw against Senegal on Sunday, when they came from behind twice and equalised in the 78th minute.
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The unsecured debt rating is equalised with the company's Long-Term IDR, which reflects the availability of an unencumbered asset pool and adequate recovery prospects under a stress scenario.
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SBC's ratings are equalised with the ratings of South Korea (AA-/Stable) due to its strong links to the sovereign and high probability of extraordinary government support, if needed.
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KEY RATING DRIVERS Linked to Yancheng Municipality: The ratings of Yancheng Oriental are credit-linked to, but not equalised with, Fitch's internal assessment of the creditworthiness of Yancheng Municipality.
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The ratings of the senior debt issued by Mediobanca International (Luxemburg) SA are equalised with that of the parent since the debt is unconditionally and irrevocably guaranteed by Mediobanca.
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SENIOR DEBT AND SUBORDINATED DEBT SECURITIES The long-term ratings of senior debt issued by Absa, FRB, Investec, Nedbank and SBSA are equalised with their respective issuers' Long-Term IDRs.
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The VRs of Daiwa Securities Group and Daiwa Securities are equalised, reflecting the group's flat structure with Daiwa Securities being the single core operating subsidiary focused on the domestic market.
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KEY RATING DRIVERS Parent and Subsidiary Linkage: GOHL's rating and the Stable Outlook are equalised with that of its parent in line with Fitch's Parent and Subsidiary Rating Linkage criteria.
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KEY RATING DRIVERS IDRS, SUPPORT RATING, SUPPORT RATING FLOOR AND NATIONAL RATINGS The state-owned development bank, BOI's ratings are driven by and equalised with Nigeria's sovereign ratings (BB-/Negative).
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The rating of NBK's senior unsecured commercial paper is aligned with the bank's Short-Term rating of 'F1+' SUBSIDIARY National Bank of Kuwait (International)'s IDRs are equalised with NBK's.
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The IDRs of the two entities are equalised because of the lack of holding company double leverage and as yet insufficient junior debt buffer to protect the operating company's senior debt.
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Liam Sercombe equalised from a penalty just before half-time and two goals in 10 minutes soon after the interval from Kemar Roofe put the home side in sight of victory.
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In line with a top-down approach in Fitch's public-sector entity rating criteria , the programme ratings are equalised with and credit-linked to France's Short-term 'F1+' Issuer Default Rating.
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Fitch believes that support from PIfSS would likely extend to AUBUK - via AUB in the first instance - and AUBUK's Long-term IDR is as a result equalised with that of AUB.
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The ratings on DBSH are equalised with those of DBS due to the close integration between the two entities, their common branding, board and management, and a common jurisdiction and regulator.
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CSGAG: The VR of CSGAG is equalised with that of Credit Suisse, which accounts for 98% of the former's consolidated assets, reflecting its almost exclusive role as Credit Suisse's holding company.
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UBL's IDRs are equalised with those of RBSG, reflecting the subsidiary's role in the group and the increasing integration of UBL's Northern Irish business into the group's personal and business banking division.
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The New Zealanders' goal came against the run of play but Kashima, who qualified as champions of host nation Japan, equalised 17 minutes later when Shuhei Akasaki turned in Ryota Nagaki's cross.
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SGH's VR and IDRs are equalised with San UK's to reflect SGH's role as a holding company for the UK-based subsidiaries and the lack of holding company double leverage at SGH.
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DERIVATIVE COUNTERPARTY RATING (DCR) The bank's DCR is equalised with the Long-Term IDR because derivative counterparties in Austria have no definitive preferential status over other senior obligations in a resolution scenario.
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ANTS' IDRs are based on support and are equalised with those of SGH and San UK. ANTS' obligations are guaranteed by San UK and all proceeds are up-streamed to the parent.
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Fitch believes that BICSA is core to its parent given the significant role the bank represents to its owners objectives and the shared reputational risk given their integration; therefore the ratings are equalised.
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KEY RATING DRIVERS The rating of the zero-coupon bonds is equalised with the rating of Austria as the obligations under the guarantee constitute the sovereign's direct, unsecured, unconditional, irrevocable and unsubordinated debt.
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The VRs and IDRs of the two entities are equalised because of the lack of holding company double leverage and as yet insufficient junior debt buffer to protect the operating company's senior debt.
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KEY RATING DRIVERS SBC's ratings are equalised with the ratings of South Korea (AA-/Stable/F215.9+) due to its strong links to the sovereign and high probability of extraordinary government support, if needed.
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The rating actions follow Fitch's downgrade of Morocco's Long-Term Local Currency IDR to 'BBB-' from 'BBB' as a result of which it is now equalised with Morocco's Long-Term Foreign Currency IDR.
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KEY RATING DRIVERS Links to Liangshan Yi Autonomous Prefecture: The ratings of LSID are credit linked to, but not equalised with, Fitch's internal assessment of the creditworthiness of the Liangshan Yi Autonomous Prefecture (Liangshan).
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Parent-Subsidiary Linkage: The Long-Term IDRs of PJSC Myronivsky Hliboproduct, MHP S.A.'s 0003% owned subsidiary, are equalised with those of the parent, due to strong strategic and legal ties between the companies.
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RBSG's ratings are equalised with the ratings of the group's main operating banks and are based on the group's consolidated financial profile, which is primarily driven by the group's retail and corporate banking operations.
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The game had been locked at 1-1 after 90 minutes with Jason Puncheon coming off the bench to put London side Palace ahead in the 78th before Juan Mata equalised three minutes later.
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KEY RATING DRIVERS IDRS, DCRS, SENIOR DEBT AND SUPPORT RATINGS BNPPF's and BGL BNPP's ratings are equalised with the ratings of the banks' majority or ultimate shareholder BNP Paribas S.A. (BNPP, A+/Stable/F1).
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Natixis's IDRs are equalised with those of GBPCE and will continue to move in tandem with those of GBPCE unless there is a change in the affiliation status, which Fitch views as extremely unlikely.
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Yet the visitors equalised through Cesc Fabregas in the second half, a goal which Koeman felt was lucky as his side had been deprived of what should have been a free kick moments before.
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KEY RATING DRIVERS IDRS ZKB's IDRs and Support Rating are based on institutional support from the Canton of Zurich (AAA/Stable), the bank's guarantor and sole owner, and are equalised with the canton's IDRs.
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Parent-Subsidiary Linkage: The Long-Term IDR's of PJSC Myronivsky Hliboproduct, MHP S.A.'s 0003% owned subsidiary, are equalised with those of the parent, due to strong strategic and legal ties between the companies.
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When David Ball equalised for Fleetwood Town in a League One match against Preston North End last season, he achieved something few footballers can lay claim to: a goal that ranks alongside Lionel Messi's finest.
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Parent/Subsidiary Linkage: The Long-Term IDRs of PJSC Myronivsky Hliboproduct, MHP S.A.'s 95.4% owned subsidiary, are equalised with those of the parent, due to the strong strategic and legal ties between the companies.
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KEY RATING DRIVERS - IDRS, SUPPORT RATING ZKB's IDRs and Support Rating are based on institutional support from the Canton of Zurich (AAA/Stable), its guarantor and sole owner, and are equalised with the latter's IDRs.
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The IDRs are equalised with those of the China sovereign (A+/Stable) to reflect JIC's 100% state ownership, strong state oversight of its financials and the strategic importance of the entity's operation to the state.
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The ratings of Poste Italiane, Cassa del Trentino, Cassa Depositi e Prestiti are equalised with those of their sponsors, while those of Patrimonio del Trentino, Trentino Trasporti, Trentino Sviluppo, Finlombarda, A.S.A.M. and SACE are not.
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DERIVATION SUMMARY DFG's rating is equalised to its parent DFM, which is based on a standalone rating of 'BBB+' plus a two-notch uplift reflecting DFM's moderate operational and strategic linkages with the central government.
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The IDRs are equalised with LBG's VR as opposed to LBG's IDR to reflect insufficient certainty that LBCM's and LBIL's senior creditors would benefit from LBG's qualifying junior debt buffer in a resolution of the group.
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CAL&F's IDRs are equalised with those of CA and will continue to be sensitive to changes in CA's IDR and changes in the importance of this subsidiary for the group, which we view as unlikely.
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As such, the Stable Outlook on CN's Long-Term IDR mirrors that on SG. Unless its integration with or strategic importance to SG diminishes, CN's IDRs and senior debt ratings will continue to be equalised with SG's.
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KEY RATING DRIVERS The notes' rating is equalised with Austria's Long-Term Issuer Default Rating (AA+/Stable), based on Fitch's expectation that the Austrian government will continue to honour the unconditional and irrevocable guarantee provided to the noteholders.
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The Swiss equalised with less than 10 seconds played in the second period after Alina Muller collected a Christine Meier pass and wove her way past three defenders before flicking a backhanded shot over Russian goaltender Nadezhda Alexandrova.
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The bond's 'BBB(emr)' rating is equalised with the Long-Term Issuer Default Rating (IDR) of the parent because the debt is unconditionally and irrevocably guaranteed by the latter and Fitch expects the parent to honour this guarantee.
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They fell behind by two goals early on — one of them was an own goal by Liverpool's Jamie Carragher — but at the 32-minute mark, Djibril Cissé brought the Reds within one, and Steven Gerrard equalised just after halftime.
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Postbank's long-term deposit rating is equalised with the issuer's Long-Term IDR because Postbank does not have a sufficient qualifying subordinated and non-preferred senior debt buffer at entity level to provide a buffer above these in resolution.
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The ratings of the senior debt issued by Mediobanca International (Luxemburg) SA are equalised with the parent's Long-Term IDR since the debt is unconditionally and irrevocably guaranteed by Mediobanca, and Fitch expects the parent to honour this guarantee.
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SMI's international ratings are equalised to those of the Indonesian sovereign (BBB-/ Positive/F3), reflecting its status as a wholly owned state corporation and its important policy role in providing financing for infrastructure projects, a key priority for the government.
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The ratings of senior debt issued by IntesaSP's funding vehicles, Intesa Sanpaolo Bank Ireland, Intesa Sanpaolo Bank Luxembourg, S.A. and Intesa Funding LLC, are equalised with that of the parent as the debt is unconditionally and irrevocably guaranteed by IntesaSP.
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KEY RATING DRIVERS IDRS, DERIVATIVE COUNTERPARTY RATING AND SUPPORT RATING LBCM's and LBIL's expected IDRs are equalised with LBG's 'a' Viability Rating (VR), reflecting our view of an extremely high probability of support for LBCM and LBIL by LBG, should it be required.
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KEY RATING DRIVERS SDIC is credit-linked to the Chinese sovereign (A+/Stable) and the ratings are equalised with the sovereign rating, reflecting the company's state ownership, strong state oversight of SDIC's financials and strategic importance of the entity's operation to the state.
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The IDRs and senior debt ratings are equalised with those of Spain, ICO's sole shareholder, reflecting the institution's special policy bank status and the explicit, irrevocable, unconditional and direct guarantee provided by Spain for debts and obligations incurred by ICO when raising funds.
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KEY RATING DRIVERS VRs BARCLAYS PLC AND BARCLAYS BANK PLC B plc and BB plc's VRs are analysed on a consolidated basis and are equalised because of B plc's role as a holding company and the absence of common equity double leverage.
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The IDRs of SCB are driven by institutional support from and equalised with those of its ultimate and direct parent Banco Santander, S.A. (A-/Stable/a-) and group subsidiary Santander Consumer Finance S.A. (SCF; A-/Stable/bbb+), which is 20163%-owned by Banco Santander.
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SUBSIDIARY AND AFFILIATED COMPANY The ratings of CGD's subsidiary Caixa Banco de Investimento (Caixa - BI) are equalised with those of its parent, driven by the full ownership, the integration of Caixa - BI within the parent bank and the offering of core investment banking products.
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Key Rating Drivers Ratings Equalised With Parent: Fitch bases BTSC's National Long-Term Rating on the consolidated profile of its parent, BTS Group Holdings Public Company Limited (BTS Group, A(tha)/Stable), due to strong operating and strategic linkages, as per Fitch's Parent and Subsidiary Linkage criteria.
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GRANDFATHERED STATE-GUARANTEED SECURITIES The ratings of the grandfathered state-guaranteed senior unsecured, Tier 2 subordinated and market-linked notes are equalised with the regional state of Bavaria's Long-Term IDR as we believe that Bavaria's ability and propensity to honour its guarantee is very strong.
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The ratings of MUFG and its operating banks - BTMU (A/Stable) and MUTB (A/Stable) are equalised due to MUFG's role as the bank's holding company, functional interconnectedness, the regulator's group-level focus, and the expectation that double leverage at MUFG will be maintained below 120%.
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SUBSIDIARY COMPANY - ABBEY NATIONAL TREASURY SERVICES The IDRs of ANTS, until recently the UK group's main debt issuing vehicle, are based on support and are equalised with those of SGH and San UK. ANTS's obligations are guaranteed by San UK and all proceeds are up-streamed to the parent.
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The IDRs are equalised with South Korea's sovereign ratings, reflecting the key policy role IBK plays to support small-to-medium entities, the government's majority ownership of the bank and the de facto solvency guarantee by the government as per Article 43 of the Industrial Bank of Korea Act.
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We have equalised UBS Group AG's VR with the common VR of UBS AG and UBS Switzerland AG because of UBS Group AG's role as the group's holding company and the issuer (or guarantor) of loss-absorbing capacity (LAC), including AT1 instruments and senior unsecured long-term debt.
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ICBCTL's ratings are equalised with those of its parent, Industrial and Commercial Bank of China (Thai) Public Company Limited (ICBCT; AAA(tha)/Stable/F1+(tha)), to reflect Fitch's view that ICBCTL forms a key part of the bank's strategy and is a core subsidiary of the parent bank.
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The downgrade of the Long-term Local Currency IDR of BGK, which is 100%-owned by the Polish state, follows Fitch's downgrade of Poland's Long-Term Local Currency IDR to 'A-' from 'A', as a result of which the latter is now equalised with the sovereign Long-Term Foreign Currency IDR.
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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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The ratings of the senior debt issued by IntesaSP's funding vehicles, Intesa Sanpaolo Bank Ireland, Intesa Sanpaolo Bank Luxembourg, S.A. and Intesa Funding LLC, are equalised with that of the parent because the debt is unconditionally and irrevocably guaranteed by IntesaSP and Fitch expects the parent to honour this guarantee.
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UBS Group AG's IDRs are equalised with those of its main operating subsidiary, UBS AG, reflecting its role as a holding company, our expectation that double leverage at the holding company will remain well below 2530% and our view that the Swiss regulator considers the group as a consolidated entity.
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The ratings of DBK or HCSBK could be upgraded and equalised with the sovereign if (i) the banks become directly owned by the government and the state officials become more directly involved in the oversight of the institutions; or (ii) the government replaces or guarantees most of the banks' funding.
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SUBSIDIARIES' IDRs AND SENIOR DEBT The IDRs and debt ratings of Deutsche Bank's rated subsidiaries in the US and Australia are equalised with Deutsche Bank's to reflect their core roles within the group, especially Deutsche Bank's capital markets activities, and their high integration with the parent bank or their role as issuing vehicles.
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SUBSIDIARY AND AFFILIATED COMPANY The IDRs and debt ratings of DB's rated subsidiaries in the US and Australia are equalised with DB's to reflect their core role within the group's operations, especially DB's trading and investment banking activities, and their high integration with the parent bank or their role as issuing vehicles.
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KEY RATING DRIVERS IDRS, SENIOR DEBT AND SUPPORT RATINGS LCL's Long- and Short-Term IDRs, as well as the senior debt ratings, are equalised with those of Credit Agricole (CA, A/Positive/F11533) and those of CA's central body, Credit Agricole S.A. (CA S.A., A/Positive/F1), which holds 95% of LCL's shares.
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According to the canton's 2016 budget and medium-term 2017-2019 plan, the current margin is expected to remain weak between 1.1% in 2017 and 203% in 2016 and a roughly equalised balance before debt underpinned by the canton's obligation to achieve a balanced budget over 2012-2019 on a cumulative basis.
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National Long Term Rating affirmed at 'AAA(zaf)'; Outlook Stable National Short Term Rating affirmed at 'F1+(zaf)' Local currency senior unsecured rating downgraded to 'BBB-' from 'BBB' Eskom Holdings SOC Ltd's ratings are equalised with those of the company's South African sovereign parent and the downgrade follows the downgrade of the South African sovereign.
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CYBG's ratings are equalised with those of CB because of the high importance CYBG will play in the group, similar regulation being applicable to both companies (the UK's PRA regulates CYBG and CB on a consolidated basis), the lack of holding company double leverage and the very limited materiality of its non-bank subsidiaries.
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CYBG's ratings are equalised with those of its subsidiary CB because of CYBG's holding company role in the group, similar regulation being applicable to both companies (the UK's PRA regulates CYBG and CB on a consolidated basis), the lack of holding company double leverage and the very limited materiality of its non-bank subsidiaries.
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KEY RATING DRIVERS - SUBSIDIARIES' IDRs AND SENIOR DEBT The IDRs and debt ratings of Deutsche Bank's rated subsidiaries in the US and Australia are equalised with Deutsche Bank's to reflect their core roles within the group, especially Deutsche Bank's capital markets activities, and their high integration with the parent bank or their role as issuing vehicles.
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KBC Group's ratings are equalised with those of KBC Bank, reflecting the dominance of the bank in the group (around 90% of group assets), the regulatory focus on the group as a consolidated entity, low double leverage, the use of the holding company for capital raising and high fungibility of capital between the holding company and the bank.
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We expect continued improvement over the next two to three years, albeit at a modest pace, and a resulting combined adjusted net-debt/EBITDAR ranging around -1.0x to -1.1x (20163: -1.1x) Linked Ratings: Fitch believes Kia is integral to HMC's long-term growth strategy as a global auto-maker as well as to its group structure and as such, Kia's ratings are equalised with HMC's ratings.
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The Long-Term IDRs of Barclays plc are equalised with its VR. Fitch does not consider the group's layer of subordinated debt and hybrid capital instruments to be large enough to provide sufficient protection to senior debt-holders such as to warrant an uplift of the group's IDR above its VR. Barclays plc' IDR could be rated above the VR if the group materially increases its qualifying junior debt buffer.
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The DCR is at the same level as the Long-Term IDR because derivative counterparties have no definitive preferential status over other senior obligations in a resolution scenario RATING SENSITIVITIES IDRS, DERIVATIVE COUNTERPARTY RATING AND SUPPORT RATING The IDRs and DCR of LBCM and LBIL's IDRs are equalised with LBG's VR and are therefore sensitive to changes in our assumptions around the propensity or ability of LBG to provide timely support.
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KEY RATING DRIVERS The expected rating of the proposed bond issue has been equalised with the rating of Austria as the obligations under the guarantee will constitute direct, unsecured, unconditional, irrevocable and unsubordinated debt of Austria, and they will rank pari passu with all other unsecured and unsubordinated loan or bond indebtedness of Austria resulting from financial debts outstanding from time to time, except for obligations ranking in priority pursuant to mandatory provisions of law.
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IDRs, SUPPORT RATINGS, DCRs, DEPOSIT AND SENIOR DEBT RATINGS DEUTSCHE BANK AG, LONDON BRANCH AND SUBSIDIARIES The IDRs and debt ratings of Deutsche Bank AG, London branch, of Postbank and of Deutsche Bank's subsidiaries in the US and Australia are equalised with Deutsche Bank's to reflect their core roles within the group, especially Deutsche Bank's capital markets activities, and their high integration with the parent bank or their role as issuing vehicles.
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The VRs and IDRs of Barclays and Barclays Bank are equalised as, although the group has significant layers of subordinated debt and hybrid capital instruments, Fitch does not consider them to be large enough to provide sufficient protection of senior creditors to warrant assigning a Long-Term IDR above the VR. Barclays Bank's IDR could be upgraded one notch above the VR if quantum of debt issued by the holding company and Barclays Bank's own external junior debt are sufficient and structurally subordinated to provide greater protection to other senior creditors of Barclays Bank.
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