Fitch ups Rheinhyp-BRE

Fitch Ratings said it has upgraded the long-term ratings of Poland's Rheinhyp-BRE Bank Hipoteczny SA and its mortgage bonds to BBB+ from BBB. At the same time, the agency has upgraded RHB's short-term rating to F2 from F3.

The outlook is stable.

Fitch said the upgrade reflects increased commitment by the bank's indirect owner, Commerzbank AG, rated A-, demonstrated by the inclusion of RHB into the list of banks to which its declaration of backing (Patronatserklaerung) applies in its 2003 annual report. Fitch considers this to mean a high probability that Commerzbank would provide support for RHB, should this be necessary.

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