Good market position. Support from Commerzbank AG, its major shareholder. High share of foreign currency loans. Higher loan-to-deposit ratio than peers. The unsolicited public information ('pi') rating on Poland-based BRE Bank S.A. reflects our 'bbb-' anchor, as well as our view that the bank's business position, capital and earnings, funding, and liquidity are neutral for the rating, while risk position is a marginally negative rating factor. The bank's stand-alone credit profile (SACP) is in the 'bb' category. We generally neither apply modifiers ("+" or "-") nor assign outlooks to 'pi' ratings. Our 'pi' rating on BRE Bank is one category higher than the bank's SACP, due to our view that BRE Bank is a "strategically important" subsidiary of Commerzbank AG
