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Ratingi wsparcia banków

The Purpose and Function of Support Ratings
Support ratings offer Fitch's judgement of a potential supporter's (either a sovereign state's or an institutional owner's) propensity to support a bank and of its ability to support it. Its ability to support is set by the potential supporter's own Fitch Long-term debt rating, both in foreign currency and, where appropriate, in local currency. Support ratings have a direct link to Long-term debt ratings, but they do not, nevertheless, assess the intrinsic credit quality of a bank. Rather they communicate Fitch Ratings' judgement on whether the bank would receive support should this become necessary. It is emphasised that these ratings are exclusively the expression of Fitch's opinion even though the principles underlying them may have been discussed with the relevant supervisory authorities and/or owners.

Timeliness and Effectiveness Requirements
Fitch's Support rating definitions are predicated on the assumption that any necessary "support", either in foreign currency, or where appropriate, local currency, is provided on a timely basis. The definitions are also predicated on the assumption that any necessary support will be sufficiently sustained so that the bank being supported is able to continue meeting its financial commitments until the crisis is over.

Local Currency vs. Foreign Currency and Obligations and Financial Instruments Covered
In terms of these definitions, unless otherwise specified, "support" is deemed to be in terms of foreign currency.

It is assumed that typically the following obligations will be supported: senior debt (secured and unsecured), including insured and uninsured deposits (retail, wholesale and interbank); obligations arising from derivatives transactions and from legally enforceable guarantees and indemnities, letters of credit, acceptances and avals; trade receivables and obligations arising from court judgements.

Likewise, it is assumed that typically the following capital instruments will not be supported when sovereign support is involved: preference/preferred shares or stock; hybrid capital (tier 1 and "upper" tier 2), including Reserve Capital Instruments (RCIs) and variations upon RCIs; and common/ordinary equity capital. It is also assumed that there will be no support for any moral obligation on securitizations.

The sovereign support status of subordinated debt is difficult to categorize in advance; it is assessed on a case by case basis, distinguishing among different jurisdictions.

Support Ratings in Emerging Market Economies
Not surprisingly, the propensity and ability of emerging market states and of owners of banks in emerging market states to support their banks are subject to many more debilitating extraneous influences than is the case in developed states. As a consequence, Support ratings and Long-term rating floors for banks in emerging markets are likely to be more volatile than in developed countries. The other major threat in such economies is "force majeure", i.e. such developments as the imposition by the national political authorities of foreign exchange controls, bank deposit freezes, interruption of payments systems, expropriation of businesses or war. These risks are reflected in the Sovereign rating of the country in question and, therefore, are factored into Support ratings either directly, where the sovereign is the provider of support, or indirectly by means of the country ceiling "cap" in the case of institutional support.

Criteria and Method
As already indicated, two types of potential supporter are predicated: sovereign states and institutional owners. Individuals and families, who own banks, are not taken into account: their motivation is likely to be ruled by sentiment and by the instinct of self-preservation, and therefore their propensity to support is impossible to predict. Also, their ability to support cannot usually be assessed. The following are taken into account as determinants of the propensity of sovereigns and institutions to support banks:

Sovereign unitary or federal state support: there are three broad categories of criteria: state guarantees and commitments; relationship with the state; and importance of the bank to the state.

Institutional owner or owners: there are four broad categories of criteria: guarantees and commitments; percentage control; nature of the owner; and importance of the bank to the owning institution(s).