Fitch Ratings has downgraded the support-driven Issuer Default Ratings of Zagrebacka Banka d.d. (Croatia), UniCredit Tiriac Bank S.A. (Romania) and ZAO UniCredit Bank (Russia) to ‘BBB’ from ‘BBB+’, with negative outlooks. However, Fitch has affirmed the ratings of Polish units Bank Pekao SA and Pekao Bank Hipoteczny at ‘A-‘, with stable outlooks.
“The rating actions follow the downgrade of the banks’ ultimate parent UniCredit S.p.A. to ‘BBB+’ with negative outlook,” Fitch said.
Fitch also downgraded UniCredit Tiriac Bank’s short-term foreign currency Issuer Default Rating to ‘F3’ from ‘F2’. The Viability Rating stands at ‘bb-‘, as it was not affected by the rating action, while the Support Rating was affirmed at ‘2’, the agency also said.