Support from Commerzbank AG, its major shareholder. Good market position and increasingly diversified business lines. Weak risk position due to high foreign currency exposure. Potential risk stemming from fast lending growth. The unsolicited public information ("pi") rating on Poland-based BRE Bank S.A. (BRE) reflects our 'bbb-' anchor, as well as our view that the bank's business position, capital and earnings, and funding and liquidity are neutral rating factors, while its risk position is a negative rating factor. The stand-alone credit profile (SACP) is in the 'bb' category. We generally neither apply modifiers (+ or -) nor assign outlooks to "pi" ratings. The "pi" rating is one category higher than the bank's SACP. This reflects the bank's "strategically important" status to
