Today, Fitch Ratings announced that it has upgraded KAS BANK’s rating to A+.
03 Oct 2019
The upgrade from 'Rating Watch Positive' (A-) to A+ follows the acquisition by CACEIS and expresses the fact that KAS BANK now has the institutional support from Crédit Agricole.
Fitch announced that: “In our opinion, until the merger is completed and KAS becomes a branch of CACEIS, the former will benefit from a very high probability of support from Crédit Agricole (A+/Stable/F1/a+).”
The rating actions are as follows:
- IDR on the long term: A+
- IDR on the short term: F1
For the full press release we refer to the Rating Action Commentary of Fitch Ratings or download a PDF of the announcement here.