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ING Bank Śląski SAFitch upgrades viability rating for ING BSK lender to 'bbb+', affirms IDR at 'A+'
Fitch rating agency has upgraded the Viability Rating (VR) of listed lender ING Bank Slaski to 'bbb+' from 'bbb', while affirming the bank's long-term issuer default ratings (IDR) at 'A+' with the stable outlook, the agency said in a statement.
Fitch pointed out that the upgrade in VR primarily reflects the agency's improved assessment of the Polish operating environment to 'bbb+' from 'bbb' as it was constraining ING's ratings.
"The higher operating environment assessment for Polish banks mainly reflects diminishing legal and government intervention risks, which we expect will no longer materially affect Polish banks' business prospects, and their better earnings generation than European average," the agency wrote.
"The VR upgrade also considers the bank's stronger business profile, underpinned by a record of high profitability, sound asset quality and adequate capitalisation," it added.
ao/