Fitch upgrades ING Bank Slaski

Fitch Ratings said it upgraded ING Bank Slaski SA's long-term issuer default rating to A+ from A and placed it on rating watch negative.

Fitch said it upgraded the bank's IDR and removed it from under criteria observation status as the agency concluded ING Bank Slaski's senior creditors will benefit from junior debt buffers raised by its parent, ING Bank NV.

“This is because ING Bank Slaski is a material foreign subsidiary of ING and its minimum requirement for own funds and eligible liabilities (MREL) is set on the basis of the single-point-of-entry (SPE) resolution strategy for ING Group. This has been confirmed by the joint decision of the resolution authorities, the Single Resolution Board and the Polish Bank Guarantee Fund,” said Fitch in a press release.

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