Support from strategic shareholder Good market position and increasingly diversified business lines Satisfactory funding and liquidity profile Higher-than-average economic and industry risks of operating in Poland Elevated credit risks, in light of untested retail loan growth and increased foreign currency lending Barely adequate levels of capitalization The public information ('pi'; unsolicited) rating on Poland-based BRE Bank S.A. reflects its increased strategic importance for, and integration with, its strategic shareholder, Germany-based Commerzbank AG (A/Negative/A-1). The rating also reflects its good market position and satisfactory funding and liquidity profile. The ratings are constrained by elevated credit risks, in light of untested retail loan growth and increased foreign currency lending, and the bank's modest capitalization. The final rating benefits from uplift over its
