Fitch affirms support rating to 3 Croatian banks.

By bne IntelliNews July 20, 2010
Fitch ratings affirmed support rating 2 to Privredna Banka Zagreb, Erste&Steiermarkische Bank and Societe Generale - Splitska Banka based on the institutional support of the banks' shareholders who have a strategic interest in the region, the rating agency said in a statement. The banks' support ratings are constrained by Croatia's country ceiling of BBB+. Fitch's forecast that the country's GDP will contract by 0.5% in 2010, thus having a negative effect on the domestic banking sector. Fitch reminded that the Croatian banks experienced significant deterioration of asset quality, profitability and growth last year and the number of non-performing loans will probably increase throughout 2010.

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