Main drivers are the reasonable capacity of credit profile as well as strong support from Sberbank of Russia

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Fitch affirms Sberbank Europe at 'BBB-'; Outlook Stable

Despite the background of Corona-related particularly challenging framework conditions for the banking sector, the international rating agency Fitch confirms Sberbank Europe’s Long Term Issuer Rating at 'BBB-' with a Stable Outlook. The Viability Rating was also confirmed at 'bb-'.

The main rating drivers are the reasonable capacity of Sberbank Europe’s credit profile, which accommodates risks stemming from the economic implications of the coronavirus pandemic as well as strong support from Sberbank of Russia. The latest assessment by Fitch also reflects a more challenging environment for banking sectors where Sberbank Europe AG operates.

Fitch has outlined the solid capitalization, stable funding base and sound liquidity of Sberbank Europe, as well as the decreased concentration risk and dependency on wholesale funding.

Sonja Sarközi, CEO of Sberbank Europe, comments: "We see our affirmed rating, as a confirmation that Sberbank Europe proofs to be sustainable even in volatile market conditions. Strategic changes with new products and services are successfully absorbed in the markets."

The latest Fitch ratings of Sberbank Europe:

Long-Term IDR: affirmed at 'BBB-'; Outlook: Stable
Short-Term IDR: affirmed at ‘F3’
Viability Rating: affirmed at 'bb-'
Support Rating: affirmed at ‘2’

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