Fitch Upgrades Poland's ING Bank Śląski to 'A'

Fitch Ratings has upgraded the Foreign-Currency Long-term Issuer Default Rating (IDR) of ING Bank Śląski to 'A' from 'A-', and affirmed its Support Rating at '1'. The Outlook on the IDR is Stable. The upgrade of Bank Slaski's IDR reflects the upgrade of its parent, ING Bank N.V. (A+/Stable/a+) on April 14, the company informed in a filling. "The IDRs and Support Rating of Bank Sląski reflect Fitch's view that there is an extremely high probability that the bank would be supported, if required, by its 75 percent shareholder, ING Bank. Fitch believes Bank Śląski is a strategically important subsidiary, even though ING Bank's presence elsewhere in central and eastern Europe is limited. Fitch expects continued parental support to provide a floor for Bank Śląski's Long-term IDR at one notch below that of ING Bank," the statement read. Fitch's view of ING Bank's strong support propensity is based on Bank Sląski's strong franchise and relatively large size compared with other ING subsidiaries in the region, and the classification of Poland by ING as a growth market with promising performance prospects.