Fitch Revises 15 Russian Banks' Outlooks to Negative on Sovereign Change

Mon Mar 24, 2014 12:04pm EDT

Related Topics

(The following statement was released by the rating agency) MOSCOW/LONDON, March 24 (Fitch) Fitch Ratings has revised the Outlooks on four Russian state-related banks, 10 foreign-owned banks and the largest privately-owned bank, Alfa Bank, to Negative from Stable and affirmed their Issuer Default Ratings (IDRs) and debt ratings. The ratings of National Clearing Centre, Rosagroleasing, certain subsidiaries of the state-related and foreign banks, and Alfa's parent entity have also been affirmed and their Outlooks revised to Negative. A full list of rating actions is available at the end of this announcement. The rating actions follows the revision of the Outlook on Russia's sovereign IDRs to Negative from Stable (see ' Fitch Revises Russia's Outlook to Negative; Affirms at 'BBB' ', dated 21 March 2014 at www.fitchratings.com). KEY RATING DRIVERS - IDRS, SUPPORT RATINGS, SUPPORT RATING FLOORS (SRF), DEBT RATINGS The revision of the Outlooks on the Long-term IDRs of Vnesheconombank (VEB), Russian Agricultural Bank (RusAg), Gazprombank and Rosagroleasing (RAL) reflects the increased likelihood of deterioration in the government's ability to provide support. Sberbank's and National Clearing Centre's Outlooks have also been revised to Negative reflecting both a potential weakening of support and the potential for their Viability Ratings (VR), which are at the same level as the sovereign, to be downgraded due to risks of a worsening operating environment, as these banks are ultimately exposed to the broader Russian economy. The Negative Outlook on Alfa Bank's Long-term IDRs reflects the potential for its VR to be downgraded due to the possible weakening of the operating environment, maintaining a one-notch difference between the bank's rating and that of the sovereign. The revision of the Outlook on the ratings of Alfa's Cyprus-based parent entity, ABH Financial Limited's (ABHFL), reflects Fitch's view that default risk at the bank and the holding company are likely to be highly correlated in view of the high degree of fungibility of capital and liquidity within the group, which is managed as a single entity. The revised Outlooks on the Long-term IDRs of ZAO Raiffeisenbank, ZAO Citibank, OJSC Nordea Bank, Danske Bank (Russia), SEB Bank JSC, HSBC Bank (RR) LLC, ING Bank (Eurasia) ZAO, Rosbank, DeltaCredit Bank, Rusfinance Bank, China Construction Bank (Limited) Russia and Credit Agricole CIB ZAO, which are all rated 'BBB+', reflect the increased likelihood of a downgrade of Russia's Country Ceiling of 'BBB+' following the change in the sovereign Outlook. Russia's Country Ceiling captures transfer and convertibility risks and limits the extent to which support from the foreign shareholders of these banks can be factored into their Long-term foreign currency IDRs. The banks' Long-term local currency IDRs, where assigned, also take into account Russian country risks. The change in Outlooks on the Long-term IDRs of Sberbank Leasing, JSC Subsidiary Bank Sberbank of Russia, Sberbank Europe AG, Sberbank Slovensko a.s, Gazprombank Switzerland, VEB Leasing, Globexbank, Sviaz-bank, VTB Bank (Austria) and VTB Bank (France) indicates a possible weakening of their parents' ability to support them. The ratings of these entities reflect their relative strategic importance to their parents and track record of support. The 'BBB' Long-term IDRs, SRF and senior debt ratings of Sberbank and VEB are at the same level as those of the sovereign, and are underpinned by Fitch's view of a very high probability of support from the Russian authorities, in case of need due to: (i) majority state ownership (50%+1 share in Sberbank; 100% of VEB); (ii) the exceptionally high systemic importance of Sberbank (accounted for 30% of system assets and 44% of retail deposits at end-2M14) and VEB's policy role as a development bank; (iii) the track record of capital and funding support; and (iv) the close association between the authorities and the two banks. The 'BBB-' Long-term IDRs, SRFs and senior debt ratings of RusAg and Gazprombank, although they also factor in a high probability of state support, are notched down once from the sovereign. In case of RusAg this is due to the only moderate capital injections to the bank relative to the scale of its asset quality problems, and the absence at present of any announced plans to inject future new equity. For Gazprombank, the notching reflects moderate uncertainty about support given that the bank is not directly, majority owned by the state and is of limited strategic importance for Gazprom. In addition, Gazprombank does not have the dominant market shares of Sberbank or the policy role of Vnesheconombank. The foreign-owned banks' IDRs, Support Ratings and senior debt ratings reflects Fitch's view that their parents will continue to have a strong propensity to support these banks given their majority ownership, the high level of operational and management integration between the banks and their parents, common branding, the importance of Russian business for some groups (in the cases of Raiffeisen, Citibank, and Rosbank) or the limited size of others, making them easy to support. RATING SENSITIVITIES- IDRS, SUPPORT RATINGS, SUPPORT RATING FLOORS, DEBT RATINGS The Long-term IDRs and senior debt could be downgraded, and the Support Rating Floors, where assigned, revised downwards if Russia's sovereign ratings and Country Ceiling are downgraded. Any signs of a weakening of support ability/propensity beyond that captured in any sovereign rating action may also result in the downgrade of banks' support-driven ratings. Specifically, ZAO Raiffeisenbank, ZAO Citibank, Rosbank, DeltaCredit Bank and Rusfinance Bank could be downgraded if their parents were downgraded by more than one notch, while in the cases of HSBC Bank (RR) LLC, ING Bank (Eurasia) ZAO, OJSC Nordea Bank, SEB Bank JSC, China Construction Bank (Limited) Russia, Credit Agricole CIB ZAO and Danske Bank (Russia), the banks could be downgraded if their parents were downgraded to to 'A-' or below. A revision of the sovereign Outlook to Stable would lead to Outlooks being revised back to Stable. KEY RATING DRIVERS AND SENSITIVITIES - VRs The affirmation of the VRs of Sberbank and NCC at 'bbb' and Alfa Bank at 'bbb-' reflects limited changes in the banks' standalone credit profiles since their last reviews in January 2014, December 2013 and July 2013, respectively. However, their VRs could be downgraded in case of a sovereign downgrade and a significant weakening of the operating environment, or a sharp deterioration in their standalone credit metrics Stabilisation of the sovereign's credit profile and the country's economic prospects would reduce downward pressure on the VRs. KEY RATING DRIVERS AND SENSITIVITIES - SUBBORDINATED DEBT The "old style" subordinated debt ratings of Sberbank, Gazprombank and RusAg are notched down once from the banks' Long-term IDRs, as Fitch believes that these issues would likely continue to benefit from state support, if needed. Alfa's subordinated debt is also notched once from its IDR. The "new style" subordinated debt of Sberbank and Gazprombank with write-off features is notched down from the banks' VRs. The subordinated debt ratings will change in line with their respective reference ratings. KEY RATING DRIVERS AND SENSITIVITIES - NATIONAL RATINGS The affirmation of the banks' National Ratings with Stable Outlooks reflects Fitch's view that the creditworthiness of the banks relative to each other and to other Russian issuers has not changed significantly as a result of the Sovereign Outlook change. The rating actions are as follows: Sberbank of Russia Long-term foreign currency IDR: affirmed at 'BBB'; Outlook revised to Negative from Stable Long-term local currency IDR: affirmed at 'BBB'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F3' Short-term local currency IDR: affirmed at 'F3' National Long-term Rating: affirmed at 'AAA(rus)'; Outlook Stable Viability Rating: affirmed at 'bbb' Support Rating: affirmed at '2' Support Rating Floor: affirmed at 'BBB' Senior unsecured Long-term Rating debt: affirmed at 'BBB'/'BBB(EXP)'/'AAA(EXP)(rus)' Senior unsecured Short-term Rating debt: affirmed at 'F3' Senior unsecured debt of SB Capital S.A.: affirmed at 'BBB' "Old-style" and "New-style" subordinated debt of SB Capital S.A.: affirmed at 'BBB-' Sberbank Leasing Long-term foreign currency IDR: affirmed at 'BBB'; Outlook revised to Negative from Stable Long-term local currency IDR: affirmed at 'BBB'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F3' National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable Support Rating: affirmed at '2' Subsidiary Bank Sberbank of Russia, JSC Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook revised to Negative from Stable Long-term local currency IDR: affirmed at 'BBB-'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F3' National Long-term Rating: affirmed at 'AA(kaz)'; Outlook revised to Negative from Stable Viability Rating: 'bb-'; unaffected Support Rating: affirmed at '2' Senior unsecured debt: affirmed at 'BBB-'/'AA(kaz)' Subordinated debt: affirmed at 'BB+'/'AA-(kaz)' Sberbank Europe AG Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F3' Viability Rating: 'b+'; unaffected Support Rating: affirmed at '2' Sberbank Slovensko, a.s. Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F3' Viability Rating: 'bb-'; unaffected Support Rating: affirmed at '2' Vnesheconombank Long-term foreign currency IDR: affirmed at 'BBB'; Outlook revised to Negative from Stable Long-term local currency IDR: affirmed at 'BBB'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F3' National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable Support Rating: affirmed at '2' Support Rating Floor: affirmed at 'BBB' Senior unsecured debt: affirmed at 'BBB' Senior unsecured debt of VEB Finance PLC: affirmed at 'BBB' OJSC VEB-Leasing Long-term foreign currency IDR: affirmed at 'BBB'; Outlook revised to Negative from Stable Long-term local currency IDR: affirmed at 'BBB'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F3' National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable Support Rating: affirmed at '2' Senior unsecured debt: affirmed at 'BBB'/'AAA(rus)' Senior unsecured debt of VEB Leasing Investment Ltd: affirmed at 'BBB' GLOBEXBANK Long-term foreign currency IDR: affirmed at 'BB'; Outlook revised to Negative from Stable Long-term local currency IDR: affirmed at 'BB'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'B' National Long-term rating: affirmed at 'AA-(rus)'; Outlook Stable Viability Rating: 'b-'; unaffected Support Rating: affirmed at '3' Senior unsecured debt: affirmed at 'BB'/'AA-(rus)' Commercial Paper: affirmed at 'B' Sviaz-Bank Long-term foreign currency IDR: affirmed at 'BB'; Outlook revised to Negative from Stable Long-term local currency IDR: affirmed at 'BB'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'B' National Long-term rating: affirmed at 'AA-(rus)'; Outlook Stable Viability Rating: b'; unaffected Support Rating: affirmed at '3' Senior unsecured debt: affirmed at 'BB'/'AA-(rus)' Russian Agricultural Bank Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook revised to Negative from Stable Long-term local currency IDR: affirmed at 'BBB-'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F3' National Long-term rating: affirmed at 'AA+(rus)'; Outlook Stable Viability Rating: 'b-'; unaffected Support Rating: affirmed at '2' Support Rating Floor: affirmed at 'BBB-' Senior unsecured debt: affirmed at 'BBB-'/'BBB-(EXP)'/'AA+(rus)'/AA+(EXP)(rus)' Senior unsecured debt of RSHB Capital S.A.: affirmed at 'BBB-'/'AA+(rus)' "Old-style" subordinated debt of RSHB Capital S.A.: affirmed at 'BB+' Gazprombank Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook revised to Negative from Stable Long-term local currency IDR: affirmed at 'BBB-'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F3' National Long-term rating: affirmed at 'AA+(rus)'; Outlook Stable Viability Rating: 'bb'; unaffected Support Rating: affirmed at '2' Support Rating Floor: affirmed at 'BBB-' Senior unsecured debt: affirmed at 'BBB-'/'AA+(rus)' Senior unsecured debt of GPB Eurobond Finance PLC: affirmed at 'BBB-' 'Old-style' subordinated debt of GPB Eurobond Finance PLC: affirmed at 'BB+' 'New-style' subordinated debt of GPB Eurobond Finance PLC: 'BB-'; unaffected Gazprombank (Switzerland) Ltd Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F3' Support Rating: affirmed at '2' Senior unsecured debt: affirmed at 'BBB-' VTB Bank (Austria) AG Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F3' Support Rating: affirmed at '2' VTB Bank (France) SA. Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F3' Support Rating: affirmed at '2' Senior unsecured debt: affirmed at 'F3' JSC Rosagroleasing Long-term foreign currency IDR: affirmed at 'BB+'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'B' National Long-term rating: affirmed at 'AA(rus)'; Outlook Stable Support Rating: affirmed at '3' Support Rating Floor: affirmed at 'BB+ National Clearing Centre Long-term foreign currency IDR: affirmed at 'BBB'; Outlook revised to Negative from Stable Long-term local currency IDR: affirmed at 'BBB'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F3' National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable Viability Rating: affirmed at 'bbb' Support Rating: affirmed at '2' Support Rating Floor: affirmed at 'BBB' OJSC Alfa-Bank Long-term foreign currency IDR: affirmed at 'BBB-'; Outlook revised to Negative from Stable Long-term local currency IDR: affirmed at 'BBB-'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F3' National Long-term rating: affirmed at 'AA+(rus)'; Outlook Stable Viability Rating: affirmed at 'bbb-' Support Rating: affirmed at '4' Support Rating Floor: affirmed at 'B Senior unsecured debt: affirmed at 'BBB-'/'AA+(rus)' Subordinated debt: affirmed at 'BB+' Senior unsecured debt of Alfa Bond Issuance Public Limited Company: affirmed at 'BBB-' Senior unsecured debt of ALFA MTN ISSUANCE LTD: affirmed at 'BBB-' "Old-style" subordinated debt of Alfa Bond Issuance Public Limited Company: affirmed at 'BB+ ABH Financial Limited Long-term foreign currency IDR: affirmed at 'BB+'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'B' Senior unsecured debt of Alfa Holding Issuance plc: affirmed at 'BB+' ZAO Raiffeisenbank Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook revised to Negative from Stable Long-term local currency IDR: affirmed at 'BBB+'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F2' National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable Viability Rating: 'bbb-'; unaffected Support Rating: affirmed at '2' Senior unsecured debt: affirmed at 'BBB+'/'AAA(rus)' Senior unsecured debt: affirmed at 'F2' Senior unsecured debt: affirmed at 'BBB+(EXP)'/'AAA(EXP)(rus)' ZAO Citibank Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F2' National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable Viability Rating: 'bbb-'; unaffected Support Rating: affirmed at '2' Rosbank Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook revised to Negative from Stable Long-term local currency IDR: affirmed at 'BBB+'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F2' National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable Viability Rating: 'bb+'; unaffected Support Rating: affirmed at '2' Senior unsecured market linked securities: affirmed at 'BBB+(emr)' Senior unsecured debt: affirmed at 'BBB+'/'AAA(rus)' Senior unsecured debt: affirmed at 'F2' Rusfinance Bank Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook revised to Negative from Stable Long-term local currency IDR: affirmed at 'BBB+'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F2' National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable Viability Rating: 'bb+'; unaffected Support Rating: affirmed at '2' Senior unsecured debt: affirmed at 'BBB+'/'AAA(rus)' DeltaCredit Bank Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook revised to Negative from Stable Long-term local currency IDR: affirmed at 'BBB+'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F2' National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable Viability Rating: 'bb+'; unaffected Support Rating: affirmed at '2' Senior unsecured debt: affirmed at 'BBB+'/'AAA(rus)' Senior unsecured debt of DCB Finance Limited: affirmed at 'BBB+(EXP)' OJSC Nordea Bank Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F2' National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable Support Rating: affirmed at '2' Danske Bank (Russia) Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F2' National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable Support Rating: affirmed at '2' ING Bank (Eurasia) ZAO Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook revised to Negative from Stable Long-term local currency IDR: affirmed at 'BBB+'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F2' National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable Support Rating: affirmed at '2' Senior unsecured debt: affirmed at 'BBB+'/'AAA(rus)' SEB Bank JSC Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F2' National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable Support Rating: affirmed at '2' HSBC Bank (RR) LLC Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook revised to Negative from Stable Long-term local currency IDR: affirmed at 'BBB+'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F2' National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable Support Rating: affirmed at '2' Credit Agricole CIB ZAO Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook revised to Negative from Stable Long-term local currency IDR: affirmed at 'BBB+'; Outlook revised to Negative from Stable Short-term foreign and local currency IDRs: affirmed at 'F2' National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable Support Rating: affirmed at '2' China Construction Bank (Limited) Russia Long-term foreign currency IDR: affirmed at 'BBB+'; Outlook revised to Negative from Stable Long-term local currency IDR: affirmed at 'BBB+'; Outlook revised to Negative from Stable Short-term foreign currency IDR: affirmed at 'F2' National Long-term rating: affirmed at 'AAA(rus)'; Outlook Stable Support Rating: affirmed at '2' Contacts: Primary Analysts Alexander Danilov (VTBA, VTBF, VEB, GPB, GPB Switzerland, RusAg, NCC, Alfa Bank, ABHFL, Rosbank) Senior Director +7 495 956 24 08 Fitch Ratings Moscow Valovaya Str, 26 Moscow Olga Ignatieva (Sberbank Slovensko a.s., Globexbank, Sviaz-bank, ZAO Citibank, ZAO Raiffeisenbank, HSBC Bank (RR) LLC, ING Bank (Eurasia) ZAO) Senior Director +7 495 956 69 06 Fitch Ratings Moscow Valovaya Str, 26 Moscow Anton Lopatin (Sberbank, Sberbank Leasing, Sberbank Europe AG, RAL, Credit Agricole CIB ZAO) Director +7 495 956 70 96 Fitch Ratings Moscow Valovaya Str, 26 Moscow Roman Kornev (Danske Bank (Russia), OJSC Nordea Bank, SEB Bank) Director +7 495 956 70 16 Fitch Ratings Moscow Valovaya Str, 26 Moscow Dmitry Vasiliev (DeltaCredit Bank) Director +7 495 956 55 76 Fitch Ratings Moscow Valovaya Str, 26 Moscow Aslan Tavitov (VEB Leasing, Subsidiary Bank Sberbank of Russia, JSC) Associate Director +7 495 956 70 65 Fitch Ratings Moscow Valovaya Str, 26 Moscow Konstantin Yakimovich (Rusfinance Bank) Associate Director +7 495 956 99 78 Fitch Ratings Moscow Valovaya Str, 26 Moscow Sergey Popov (China Construction Bank (Limited) Russia) Associate Director +7 495 956 99 81 Fitch Ratings Moscow Valovaya Str, 26 Moscow Secondary Analysts Evgeny Konovalov (VTBF, VTBA, NCC, Danske Bank (Russia), HSBC Bank (RR) LLC, SEB Bank JSC) Associate Director +7 495 956 99 32 Aslan Tavitov (VEB, Sberbank Leasing, Globexbank, Sviaz-bank, RusAg, RAL) Associate Director +7 495 956 70 65 Konstantin Yakimovich (Sberbank, Sberbank Europe AG) Associate Director +7 495 956 99 78 Anton Lopatin (VEB Leasing, Alfa Bank, ABHFL) Director +7 495 956 70 96 Dmitry Vasiliev (Rosbank) Director +7 495 956 55 76 Roman Kornev (Gazprombank, Gazprombank Switzerland, Subsidiary Bank Sberbank of Russia, JSC) Director +7 495 956 70 16 Sergey Popov (ZAO Citibank, ZAO Raiffeisenbank,) Associate Director +7 495 956 99 81 Artur Szeski (Sberbank Slovensko, a.s.) Senior Director +48 22 338 62 92 Anna Erachina (ING Bank (Eurasia) ZAO, OJSC Nordea Bank) Analyst +7 495 956 70 63 Alena Plakhova (DeltaCredit Bank, Rusfinance Bank, China Construction Bank (Limited) Russia, Credit Agricole CIB ZAO) Analyst +7 495 956 24 09 Committee Chairperson James Watson Managing Director +7 495 956 66 57 Media Relations: Julia Belskaya von Tell, Moscow, Tel: +7 495 956 9908, Email: julia.belskayavontell@fitchratings.com; Hannah Huntly, London, Tel: +44 20 3530 1153, Email: hannah.huntly@fitchratings.com. Additional information is available at www.fitchratings.com. Applicable criteria, 'Global Financial Institutions Rating Criteria' dated 31 January 2014, 'National Scale Ratings Criteria' dated 30 October 2013, 'Rating FI Subsidiaries and Holding Companies' dated 10 August 2012 and 'Rating Financial Institutions Above the Sovereign' dated 11 December 2012 are available at www.fitchratings.com. Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here National Scale Ratings Criteria here Rating FI Subsidiaries and Holding Companies here Rating Financial Institutions Above the Sovereign here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '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. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

FILED UNDER: