“Fitch Ratings has upgraded Banca Transilvania’s Long-term Issuer Default Rating (IDR) to ‘BB’ from ‘BB-‘ and removed it from Rating Watch Evolving. The agency has also affirmed the Long-term IDRs of UniCredit Tiriac Bank S.A. at ‘BBB’ and ProCredit Bank (Romania) at ‘BBB-‘, and maintained Garanti Bank S.A.’s ‘BB+’ Long-term IDR on Rating Watch Positive. The outlooks on Banca Transilvania, UniCredit Tiriac Bank and ProCredit Bank are stable.”
The agency has also upgraded the Viability Ratings (VRs) of Banca Transilvania to ‘bb’ from ‘bb-‘ and of Garanti Bank Romania and ProCredit Bank Romania to ‘b+’ from ‘b’.
The ratings agency said the recent announcement of the UniCredit group of the purchase of an additional 45% stake in UniCredit Tiriac Bank, from Romanian businessman Ion Tiriac, will not have an impact on the bank’s ratings, as support from the parent bank is already factored into.