We believe that Raiffeisen Banking Group's (RBG's) recent derisking in foreign operations and stabilization of the geopolitical and economic risk conditions in higher risk countries resulted in receding risks to RBG. Furthermore, despite profitability remaining constrained by the low-growth, low-interest-rate environment, we now believe that RBG will likely further improve its internal earnings generation capacity, capitalization, and risk metrics. We are therefore revising our outlook on Austrian RBG member, Raiffeisen Bank International (RBI) to positive from negative, and affirmed our 'BBB+/A-2' ratings. The positive outlook reflects our expectation that RBI will remain core to RBG and that RBG's overall creditworthiness may improve in the next two years. We raised our issue credit ratings on the hybrid securities issued by RZB
