Main drivers are the improved asset quality, stable capitalization level and recovery in earnings

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Mag. Linda Michalech
Corporate Communications Manager

Sberbank Europe AG
Tel.: +43 1 22732 1300
Mobile: +43 664 8891 3662
linda.michalech@sberbank.at

Sberbank Europe rating upgraded to investment grade of ‘BBB-‘ by Fitch

Sberbank Europe rating upgraded to investment grade of ‘BBB-‘ by Fitch

The international rating agency Fitch has today announced the upgrade of the Long-Term Issuer Default Rating (IDR) of Sberbank Europe to ‘BBB-‘ from ‘BB+’. At the same time, the standalone Viability Rating (VR) of Sberbank Europe was upgraded to ‘bb-‘ from previously ‘b+’.

The main drivers for the Viability Rating upgrade of Sberbank Europe are the improvement in asset quality, stable capitalization level, the reduced reliance on wholesale funding as well as recovery in earnings. The upgrade of the Long-Term Issuer Default Rating is driven by the upgrade of the parent company Sberbank of Russia (BBB/Stable; bbb-/RWP) and the support by the parent company in case of need.

Fitch has acknowledged the revised strategy of Sberbank Europe with a business model focused on the retail and SME segments and reduced concentration risks.

Sonja Sarközi, CEO of Sberbank Europe, comments: “Our intensified activities in the retail and SME business as well as our cross border corporate business are the fundament of the success of our banking group.”

The latest Fitch ratings of Sberbank Europe:

Long-Term IDR: upgraded to investment grade 'BBB-'; Outlook: Stable
Short-Term IDR: upgraded to ‘F3’ from 'B'
Viability Rating: upgraded to 'bb-' from ‘b’
Support Rating: upgraded to ‘2’ from '3'

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