Core status in the Erste group. Strong domestic market position, notably in retail banking. Strong earnings generation and capital position. Strong liquidity position. Geographic concentration in the Czech Republic. Exposure to the volatile commercial real estate sector. Earnings sensitivity to low interest rates. Standard&Poor's Ratings Services' outlook on Czech Republic-based Ceska Sporitelna (Ceska) reflects that on the bank's nearly 99%-owner, Erste Group Bank AG, and its core status within the Erste group, as defined by our criteria. Consequently, for as long as we consider Ceska to be a core subsidiary, any rating action on Erste would result in a similar action on Ceska. Ceska's core status within the Erste group could be challenged if Erste were to substantially
