...Standalone Profile Drives IDRs: Slovenska Sporitelna's (SLSP) IDRs and Stable Outlook are driven by its standalone creditworthiness, as expressed in its 'bbb+' Viability Rating (VR). This reflects SLSP's consistently sound financial metrics, strong domestic franchise and the reasonable outlook for the Slovak economy. Strong Domestic Franchise: SLSP is a leading bank in Slovakia with large market shares, particularly in retail loans and deposits (27% and 26%, respectively, in 1H15). A well- established client franchise and pricing power support the bank's core profitability. Resilient Performance: SLSP has healthy and resilient performance, despite moderate pressure from low interest rates, competition and the fiscal framework. Performance has benefited from SLSP's sustainable lending growth (up by 13% yoy in 1H15), scale effects and efficient cost controls, but also supported by favourable macro trends ¡ Slovak GDP grew 2.4% in 2014 and Fitch expects it to expand at an average 3% in 2015-2016....
