Fitch Ratings has revised Europejski Fundusz Leasingowy S.A.'s (EFL) Outlook to Stable from Negative, and affirmed the company's Long-Term Issuer Default Rating (IDR) at 'A'.

A full list of rating actions is detailed below.

The rating action follows a similar Outlook revision of EFL's ultimate shareholder Credit Agricole S.A. (CASA) (see 'Fitch Revises Credit Agricole's Outlook to Stable; Affirms at 'A+' at www.fitchratings.com).

Key Rating Drivers

The ratings of EFL are driven by an extremely high probability of support from its ultimate shareholder, CASA, the central body of Credit Agricole cooperative banking group (CA; A+/Stable). EFL's Long-Term IDR is notched down once from CASA's, as we deem the company strategically important to the parent and to CA's Polish business.

Fitch's support assessment considers CASA's full ownership of EFL, history of substantial funding and guarantee provision to the subsidiary, as well as the parent's ordinary capital support in the form of subscription to EFL's subordinated debt issuance and dividend waivers. Any extraordinary support required by EFL would be immaterial relative to CASA's ability to provide it, given the parent's solid credit profile and EFL's limited size relative to the parent's.

RATING SENSITIVITIES

Factors that could, individually or collectively, lead to positive rating action/upgrade:

An upgrade of EFL's IDR would require an upgrade of CASA's IDRs, although this is currently unlikely given the Stable Outlook on CASA's IDR

As the National Long-Term Rating is at the highest level on Fitch's National Ratings scale, it cannot be upgraded

Factors that could, individually or collectively, lead to negative rating action/downgrade:

A weakening of CASA's propensity to support EFL as manifested, for example, in the form of significantly delayed or insufficient capital support, reduced strategic importance, reduced ownership stake and weakening commitment to the Polish market

A downgrade of CASA's ratings will result in a corresponding downgrade of EFL's ratings

Best/Worst Case Rating Scenario

International scale credit ratings of Financial Institutions and Covered Bond issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

Public Ratings with Credit Linkage to other ratings

EFL's IDRs and Support Rating are linked to CASA's IDR.

ESG Considerations

Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fitchratings.com/esg

RATING ACTIONSENTITY/DEBT	RATING		PRIOR
Europejski Fundusz Leasingowy S.A.	LT IDR	A 	Affirmed		A
	ST IDR	F1 	Affirmed		F1
	Natl LT	AAA(pol) 	Affirmed		AAA(pol)
	Natl ST	F1+(pol) 	Affirmed		F1+(pol)
	Support	1 	Affirmed		1

VIEW ADDITIONAL RATING DETAILS

Additional information is available on www.fitchratings.com

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