Fitch Ratings puts K&H and CIB long-term foreign currency IDR on rating watch negative

Ratings

Fitch Ratings placed Kereskedelmi & Hitelbank’s (K&H) and CIB Bank’s long-term foreign currency issuer default rating and support rating on rating watch negative.

The ratings are "A minus" and "1" for both banks.

CIB’s short-term foreign currency IDR "F2" was also placed on rating watch negative while that of K&H, also "F2", was confirmed, according to a release of Fitch on Thursday.

The move is part of a batch of rating actions on certain subsidiaries of large eurozone banks in Central and Eastern Europe, Russia, Turkey and Kazakhstan, Fitch said.

The "bb minus" viability rating and the "D" individual rating of K&H is unaffected, and CIB’s "b plus" viability rating and its "D/E" individual rating also remained intact, Fitch said.

The rating action on K&H follows the placing of its parent, Belgian KBC’s "A" issuer default rating on rating watch negative two days ago, and that on CIB the placing of its parent, Intesa Sanpaolo’s "A" issuer default rating also on rating watch negative the same time.

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