Fitch ups ING Bank Slaski individual rating to C/D

Fitch Ratings said it has upgraded Poland-based ING Bank Slaski's individual rating to C/D from D.

At the same time, Fitch has affirmed ING Bank Slaski's other ratings at issuer default A with a positive outlook, short-term F1 and support 1.

The upgrade reflects the bank's improving asset quality, a supportive macroeconomic environment and improving risk management, the agency said.

The positive outlook for the bank reflects that of Poland's sovereign rating, which was changed to positive in March 2005.

ING Bank Slaski's issuer default rating is constrained by Poland's country ceiling, and as a result an upgrade in the sovereign rating is likely to lead to an upgrade in the country ceiling as well as ING Bank Slaski's issuer default rating, Fitch added.

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