Fitch upgrades ING Bank Slaski

Fitch Ratings said it upgraded the foreign-currency long-term issuer default rating of ING Bank Slaski to A from A- and affirmed its support rating at 1.

The outlook is stable.

The upgrade reflects the upgrade of its parent, ING Bank NV on April 14, Fitch said.

The ratings also reflect a view that there is an extremely high probability that the bank would be supported, if required, by its 75% shareholder, ING Bank, the agency said.

Fitch said it believes Bank Slaski is a strategically important subsidiary, even though ING Bank’s presence elsewhere in central and eastern Europe is limited.

The agency said it expects continued parental support to provide a floor for ING Bank Slaski’s long-term issuer default rating at one notch below that of ING Bank.

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