Fitch Affirms mLeasing At 'A'/Negative Outlook; Withdraws Ratings
At the same time, Fitch has withdrawn the ratings as mLeasing has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for mLeasing.
KEY RATING DRIVERS
mLeasing's IDRs and Support Rating reflect Fitch's opinion that there is an extremely high probability that it would be supported, if required, by mBank (A/Negative/bbb-), its 100% shareholder, or by its ultimate owner, Commerzbank AG (A+/Negative/bbb).
The agency views mLeasing as a core subsidiary of mBank, and equalises its IDRs with those of the direct parent. This reflects mLeasing's full reliance on mBank for funding and close operational integration with and supervision by the parent. Potential support from Commerzbank could be extended directly or via mBank.
The Negative Outlook on mLeasing reflects that on Commerzbank. Fitch expects that Commerzbank's propensity to support mLeasing will remain strong, but its support ability will weaken due to a clear intention to ultimately reduce implicit state support for financial institutions in the EU, as demonstrated by a series of legislative, regulatory and policy initiatives. Consequently, Fitch is likely to downgrade Commerzbank's Long-term IDR by four notches, to the level of its 'bbb' Viability Rating by mid-2015 (for more details see 'Fitch Affirms Commerzbank & Hypothekenbank Frankfurt's IDRs; Withdraws Subsidiaries' Ratings' at www.fitchratings.com).
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