The S&P rating agency raised its long-term rating on three Czech-based banks, i.e. Komercni banka to A- from BBB+ and Ceska sporitelna (CS, 97.98% owned by Erste Bank) to A- from BBB+ and CSOB. All short-term ratings were affirmed at A-2. The outlook for KB and CS is positive in local currency and stable in foreign currency. The banks’ ratings reflect their increased strategic importance through their foreign owners and their contributions to consolidated financial performance.