Spectator on facebook

Spectator on facebook

Fitch confirms VÚB's long-term issuer default rating at BBB+

International ratings agency Fitch has confirmed the long-term issuer default rating (IDR) of Všeobecná Úverová Banka's (VÚB), one of Slovakia's main commercial banks, at BBB+ with a negative outlook, the TASR newswire reported, citing Fitch Ratings on Thursday, October 18. Meanwhile, the short-term rating of the bank was kept at 'F2' and the so-called support rating retained at '2',

International ratings agency Fitch has confirmed the long-term issuer default rating (IDR) of Všeobecná Úverová Banka's (VÚB), one of Slovakia's main commercial banks, at BBB+ with a negative outlook, the TASR newswire reported, citing Fitch Ratings on Thursday, October 18. Meanwhile, the short-term rating of the bank was kept at 'F2' and the so-called support rating retained at '2',

VÚB's IDR and support rating were driven by potential support for the bank's Italian mother company, Intesa SanPaolo banking group, which is a 96.76-percent stakeholder in the bank. Intesa SanPaolo was given a rating of 'A-', only one grade higher than its subsidiary. The one-notch difference between the two indicates that Fitch views the subsidiary as strategic for the parent.

VÚB's standing was also underpinned by its solid results and the significant share that it contributed to Intesa SanPaolo's net profits – 3.9 percent between January and June 2012. Nevertheless, Fitch cautioned that VÚB's long-term IDR would probably be adjusted if there were to be a change in its parent bank's IDR. The negative outlook for VÚB's long-term IDR reflects that of the Italian banking group.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

The unemployment rate continued its downward trend in December

The problem of unemployment in Slovakia is not the lack of jobs but the unsuitable structure for job seekers.

A Slovak prisoner tattooed in Auschwitz, remained silent until he grew very old

Lale Sokolov fell in love in the concentration camp; only those close to him knew his story.

A tattoo, illustrative stock photo

Kiska: Only president can bestow awards

President Andrej Kiska turned to Constitutional Court over the law on state awards recently passed by the government.

President Andrej Kiska granting awards, January 1, 2018