Likelihood of extraordinary support from Commerzbank AG, its major shareholder, if needed. Good franchise in the Polish retail market. Good risk-adjusted profitability. High share of foreign currency denominated mortgages. Higher-than-peers loan-to-deposit ratio and reliance on wholesale funding. New business and earnings generation are likely to suffer from economic slowdown and a low-interest-rate environment in 2013. The negative outlook on BRE Bank mirrors that on Commerzbank. As such, if we were to downgrade the parent we would likely also downgrade BRE Bank. Additionally, if we perceive a weakening in BRE Bank's strategic importance to its parent and a consequent weakening in the likelihood of extraordinary support from Commerzbank, we could consider downgrading BRE Bank. A deterioration in the bank's SACP to
