Millennium Bank announced on Friday that Long term rating downgraded to “BB” from “BBB-” with a stable outlook. Short-term rating “B” with “F3”, viability rating “bb” with “bbb-”, long-term national rating “BBB + (pol)” with “A (pol)”, while the national short-term rating has been retained In “F1 (pol)”.
In turn, mBank announced on Friday that rating agency Fitch Ratings has placed mBank ratings such as the viability (single) rating of “bbb-“, the long-term rating of “BBB-“, On the watch list with a negative sign.
The agency also placed BNP Paribas Bank Polska’s Viability Rating (“VR”) (“bbb-“) in the same list.
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Banks are already feeling the credit holidays
Where do the changes come from? Bank indicates credit holidays. Millennium said in a statement that its ratings “reflect pressure on capital resulting largely from the bank’s above-average exposure to products that have been subject to government or judicial intervention, adversely affecting reported profitability.”
“The reason for the above decision is Fitch lowered the assessment of the work environment in Poland to level “bbb” with “bbb +”, mainly due to the provision of legal credit to borrowers who have taken out a mortgage in Polish currency, mBank reported.
Fitch confirmed these statements. He admits that one of the reasons for the changes in bank indicators is the effect of credit holidays. According to the agency, viable business models so far in banks are under pressure due to the level of state intervention and the impending economic downturn.
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