We believe Takarekbank is highly integrated within the saving cooperatives group following the recent restructuring and we therefore now assess its group status as core. The new cooperative banking sector structure incorporates joint and several guarantees between Takarekbank and all member banks, consolidated reporting, and regulation. The ratings on Takarekbank reflect the group credit profile of the entire saving cooperative group, which we now assess as 'bb'. We are therefore raising the long-term rating on Takarekbank to 'BB' from 'BB-'. The stable outlook reflects our expectation that the group's financial and business profile under the more integrated new structure will remain stable over the next two years. On Dec. 21, 2015, Standard&Poor's Ratings Services raised its long-term counterparty
