Bloomberg News

S&P Revises Erste’s Outlook to Negative, Affirms ‘A/A-1’ Ratings

October 11, 2011

Oct. 11 (Bloomberg) -- Standard & Poor’s Ratings Services revised the outlook on Erste Group Bank AG to negative from stable and Austria-based Erste Group Bank AG to negative from stable and affirmed the lender’s ‘A/A-1’ long- and short-term counterparty credit ratings.

“The outlook revision to negative reflects the risk of Erste’s financial profile deteriorating as a result of the weakening operating conditions in Hungary and the delayed economic recovery in Romania,” S&P analysts Pierre Gautier and Markus Schmaus said in a statement today. “Hungary and Romania together accounted for about 15 percent of Erste’s exposure at default at year-end 2010.”

Link to Statement:{NSN LSX5G43PWT1C <GO>}

To contact the editor responsible for this story: Zoe Schneeweiss at zschneeweiss@bloomberg.net


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