EuroRating downgrades Bank BPH's rating

The international credit rating agency EuroRating has lowered the rating of Bank BPH by two degrees (from BB+ to BB-), the overlook remained negative. The reduction of the rating is connected with the takeover of an 87 percent stake in Bank BPH by Alior Bank, a statement read. In April, Alior Bank, a unit of state-owned insurer PZU, bought a 87.23 percent stake in Bank BPH for PLN 1.22 billion. The transaction excluded the franc-denominated mortgage loans portfolio and is to be completed by the end of 2016. Bank BPH was established in 1989 as the result of a spin-off from the structures of the National Bank of Poland. In 1995, Bank BPH went public and since then has been listed on the Warsaw Stock Exchange.