We rate Czech Republic-based Ceska Sporitelna (CS) at the same level as Erste Group Bank, as we consider it a core subsidiary of Erste. We are revising our assessment of CS' capital and earnings to "strong" from "adequate." Accordingly, we are raising CS' stand-alone credit profile to 'bbb+' from 'bbb'. The negative outlook on CS continues to mirror our outlook on Erste. On May 18, 2012, Standard&Poor's Ratings Services affirmed its 'A/A-1' long- and short-term counterparty credit ratings on Czech-based retail bank Ceska Sporitelna (CS). The outlook remains negative, mirroring that on CS' parent Erste Group Bank AG (Erste; A/Negative/A-1). The affirmation of our ratings on CS is based on our view of CS as a "core" subsidiary
