The unsolicited public-information ('pi') rating on Poland-based BRE Bank S.A. is supported by Standard&Poor's Ratings Services' belief that the bank would receive support from its strategic shareholder, Germany-based Commerzbank AG (A/Negative/A-1), and BRE's good market position. The rating is constrained by increased credit risk due to vulnerability to slower economic growth and rising unemployment in Poland (foreign currency rating A-/Stable/A-2) which is also hurting already low levels of capitalization. The final rating benefits from uplift over its stand-alone creditworthiness due to parental support. Founded in 1986, BRE is the third largest bank in Poland with total assets of Polish zloty (POL) 78.6 billion (€19 billion) as of end September 2009. BRE enjoys a good market position with a
