Fitch Affirms Romania's Banca Comerciala Romana At A -

Fitch also affirmed the bank’s Short-term foreign currency 'F2', Individual 'C/D' and Support '1'. The Outlooks for the Long-term IDRs are Negative, the release reads.

The IDRs and Support rating reflect the extremely high potential support available to BCR from its 69.2% majority shareholder, Austria-based Erste Group Bank AG, in case of need.

The Negative Outlook on BCR's Long-term IDRs reflects the likely downward revision of Romania's country ceiling, which would constrain BCR's Long-term IDRs if the sovereign's Long-term foreign currency IDR were to be downgraded, the rating agency said.

BCR, the Romanian unit of Austria's Erste Bank Der Oesterreichischen Sparkassen AG, is the largest local bank by assets, whose value exceeds EUR17.5 billion.

In 2006, Erste Bank bought a 61.88% stake in BCR from the Romanian government as well as from European Bank for Reconstruction and Development EBRD and International Finance Corporation IFC, which was later increased to 69.2%.

The five Romanian regional investment funds also own a 30.11% stake in BCR.

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