Fitch cuts some NKBM notes to BB+

Fitch Ratings said it affirmed Nova Kreditna Banka Maribor's long-term issuer default rating at A-, short-term issuer default rating at F2 and support rating at 1.

The outlook on the long-term issuer default rating is stable.

Fitch downgraded NKBM's individual rating to C/D from C and hybrid capital instruments of €100 million and hybrid capital notes of €50 million to BB+ from BBB+.

The bank's issuer default rating reflects high likelihood of support from the Slovenian government, the agency said.

The downgrade of the individual rating reflects a more challenging domestic operating environment caused by a weaker economic climate, Fitch said.

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