S&P boosts Vseobecna Uverova

Standard & Poor's said it raised its long- and short-term counterparty credit and certificate of deposit ratings on Vseobecna Uverova Banka, as (VUB) to BBB/A-2 from BB+/B and removed them from CreditWatch, where they had been placed with positive implications on June 30.

The outlook is positive.

S&P said the upgrade reflects VUB's strong strategic importance to and continued integration with, its majority owner Banca Intesa SpA (A/positive/A-1) as well as the bank's improving financial and business profiles.

Constraining rating factors include the continued higher-than-average economic and industry risks to which banks are exposed in the Slovak Republic, significant competitive challenges and a need to grow core revenues further, the agency added.

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