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Rating Action:

Moody's affirms deposit ratings of three Slovakian banks, changes outlook to negative from stable for two banks

10 Aug 2022

Actions follow the outlook change to negative from stable on the A2 rating of the Government of Slovakia

Frankfurt am Main, August 10, 2022 -- Moody's Investors Service (Moody's) has today taken the following actions on the three largest Slovakian banks:

Slovenska sporitelna, a.s. (SLSP): The A2/P-1 deposit ratings were affirmed with an unchanged stable outlook on the long-term deposit ratings. The A2 long-term issuer ratings and senior unsecured debt ratings were also affirmed, and the outlook on these ratings was changed to negative from stable;

Tatra banka, a.s. (Tatra): The A2/P-1 deposit ratings and A3 long-term issuer and senior unsecured debt ratings were affirmed, the outlooks on the long-term deposit, issuer and senior unsecured debt ratings were changed to negative from stable;

Vseobecna uverova banka, a.s.  (VUB): The A2/P-1 deposit ratings were affirmed and the outlook on the long-term deposit ratings was changed to negative from stable.

Today's rating actions are triggered by the rating action on the Government of Slovakia (A2 negative) and the outlook change to negative from stable (for further information, please refer to Moody's press release published on 5 August 2022: "Moody's changes Slovakia's outlook to negative from stable; affirms A2 ratings" https://www.moodys.com/research/--PR_467581).

For VUB, the negative outlook also considers the outlook change to negative from stable on the bank's parent, Italy's Intesa Sanpaolo S.p.A. (ISP, deposits Baa1 negative/senior unsecured Baa1 negative, Baseline Credit Assessment (BCA): baa3). For further details, please refer to the following press release "Moody's changes outlooks to negative and affirms the ratings of 14 Italian financial institutions" (https://www.moodys.com/research/--PR_468357), published on 9 August 2022.

All other ratings and rating assessments of these three banks, as well as of other Slovakian banks rated by Moody's have not been affected by today's action.

For a full list of affected ratings see the end of this press release.

RATINGS RATIONALE

The affirmation of SLSP's A2 long-term deposit ratings, issuer ratings and senior unsecured debt ratings reflect the bank's baa2 BCA and Moody's assumption of a high likelihood of support from its parent, Austria's Erste Group Bank AG (deposits A2 stable/senior unsecured A2 stable, BCA baa1), which results in a one-notch rating uplift to an Adjusted BCA of baa1, the results of Moody's Advanced Loss Given Failure (LGF) which yields two notches of uplift for the deposit ratings and one notch of uplift for the issuer ratings, and the agency's assumption of moderate support from the Government of Slovakia in case of need, which results in one notch of rating uplift for the issuer ratings and no uplift for the deposit ratings.

The affirmation of Tatra's A2/P-1 deposit ratings and A3 long-term issuer and senior unsecured debt ratings reflect the bank's baa2 BCA, Moody's assumption of high parental support from its parent, the Austrian Raiffeisen Bank International AG (RBI, deposits A2 stable/senior unsecured A2 stable, BCA baa3), which, however, does not result in rating uplift, two notches of rating uplift for the deposits and one notch for the issuer ratings following the application of Moody's Advanced LGF analysis, and one notch of rating uplift for both deposits and issuer ratings resulting from Moody's assumption of a moderate likelihood of support from the Government of Slovakia in case of need.

The affirmation of VUB's A2 long-term deposit ratings incorporate the bank's baa2 BCA, which is subject to affiliate constraints as it is currently one notch higher than the baa3 BCA of ISP, its parent bank, as well as two notches of rating uplift following the application of Moody's Advanced LGF and one notch of rating uplift following the agency's assumption of a moderate likelihood of support from the Government of Slovakia. While Moody's assesses VUB's financial profile to be superior to that of its parent ISP, the rating agency limits the bank's BCA at one notch above the parent because of the strong operational interlinkages and VUB's degree of integration within the ISP group. Also, for subsidiary banks where the rating agency considers that authorities would coordinate the resolution of a group in a unified manner, for example as indicated via a single point of entry resolution plan and a regulatory requirement for internal loss-absorbing capacity, the BCA of the subsidiary would typically not exceed that of the parent by more than one notch.

OUTLOOKS CHANGED TO NEGATIVE

The change to negative from stable on the long-term deposit, issuer and senior unsecured debt ratings of Tatra, the long-term deposit ratings of VUB and SLPS's issuer and senior unsecured debt ratings reflect the weakening credit profile of the sovereign and its weakened capacity to provide support in case of need as indicated by the outlook change to negative from stable on the A2 rating of the Government of Slovakia. For VUB the negative outlook also reflects ISP's weakening credit profile which may constrain the credit profile of its Slovak subsidiary.

Because SLSP's A2 long-term deposit ratings are already at par with the rating of the Government of Slovakia prior to government support considerations, they do not benefit from further uplift owing to Moody's moderate government support assumption. Therefore, the rating agency maintained its stable outlook for the bank's deposit ratings.  

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The long-term deposit, issuer and senior unsecured debt ratings of Tatra, the long-term deposit ratings of VUB and SLPS's long-term issuer and senior unsecured debt ratings could be downgraded following the downgrade of the A2 Government of Slovakia bond rating, or in case of a change in the banks' liability structure towards non-bail-able instruments such that it results in fewer notches of rating uplift from Moody's Advanced LGF analysis. A downgrade of VUB's ratings could also be triggered by a downgrade of the parent's BCA.

As indicated by the negative outlook there is currently little upside to Tatra's deposit and issuer ratings, the deposit ratings of VUB and SLSP's issuer ratings. The outlook could change to stable following a respective change in the outlook of the sovereign rating. For VUB, a change of the outlook on the bank's deposit ratings would additionally require an outlook change to stable of the parent's deposit ratings. The ratings of the banks could be upgraded in case of material issuance of bail-in-able instrument in size, such that it reduces an instrument class' expected loss and results in additional notches of rating uplift from Moody's Advanced LGF analysis.

LIST OF AFFECTED RATINGS

Issuer: Slovenska sporitelna, a.s.

..Affirmations:

....Long-term Bank Deposits, affirmed A2, outlook remains Stable

....Short-term Bank Deposits, affirmed P-1

....Long-term Issuer Ratings, affirmed A2, outlook changed to Negative from Stable

....Senior Unsecured Regular Bond/Debenture, affirmed A2, outlook changed to Negative from Stable

..Outlook Action:

....Outlook changed to Stable(m) from Stable

Issuer: Tatra banka, a.s.

..Affirmations:

....Long-term Bank Deposits, affirmed A2, outlook changed to Negative from Stable

....Short-term Bank Deposits, affirmed P-1

....Long-term Issuer Ratings, affirmed A3, outlook changed to Negative from Stable

....Senior Unsecured Regular Bond/Debenture, affirmed A3, outlook changed to Negative from Stable

..Outlook Action:

....Outlook changed to Negative from Stable

Issuer: Vseobecna uverova banka, a.s.

..Affirmations:

....Long-term Bank Deposits, affirmed A2, outlook changed to Negative from Stable

....Short-term Bank Deposits, affirmed P-1

..Outlook Action:

....Outlook changed to Negative from Stable

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks Methodology published in July 2021 and available at https://ratings.moodys.com/api/rmc-documents/71997. Alternatively, please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found on https://ratings.moodys.com/rating-definitions.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the issuer/deal page for the respective issuer on https://ratings.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.

These ratings are solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website https://ratings.moodys.com.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://ratings.moodys.com/documents/PBC_1288235.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on https://ratings.moodys.com.

Please see https://ratings.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the issuer/deal page on https://ratings.moodys.com for additional regulatory disclosures for each credit rating.

Katja Reise
Vice President - Senior Analyst
Financial Institutions Group
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main, 60322
Germany
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Maria Jose Mori
Senior Vice President
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main, 60322
Germany
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

No Related Data.
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