Fitch rates Bank Hipoteczny A, covered bonds A

Fitch Ratings said it assigned a long-term foreign-currency issuer default rating of A and a short-term foreign-currency issuer default rating of F1 to BRE Bank Hipoteczny SA.

In a separate release, the agency also said it assigned an A rating to the bank's mortgage covered bonds and public-sector covered bonds.

The outlook is stable.

A viability rating was not assigned given the bank's limited franchise and dependence on the parent for unsecured funding, Fitch said.

The ratings are based on a view that the bank would very likely be supported in case of need by its 100% owner, BRE Bank SA, the agency said.

The ratings also are based on potential support from its majority owner, Germany's Commerzbank AG, Fitch said.

The ratings on the bonds are directly linked to the bank's long-term issuer default rating, Fitch said.

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