EuroRating downgrades Polish banks' ratings
16:11
Due to a bill which forces Polish lenders to restructure franc-denominated mortgages recently passed by Sejm, EuroRating lowered the ratings of ten Polish banks.
This includes the following: Bank BPH, Bank Millennium, BOŚ, Bank Zachodni WBK, Deutsche Bank, Getin Noble Bank, mBank, PKO BP, Raiffeisen Bank Poland and Santander Consumer Bank.
BPH rating was lowered by two degrees, the ratings of Bank Millennium, Deutsche Bank Poland, Getin Noble Bank, mBank, Raiffeisen Bank Poland and Santander Consumer Bank were reduced by one degree. In case of BOŚ, BZ WBK and PKO BP the overlook was changed from stable to negative.
PKO BP received a rating of A-, BZ WBK BBB+, Deutsche Bank Poland and mBank BBB; BOŚ, Raiffeisen Bank Poland and Santander Consumer Bank BBB-; Bank BPH BB+, Bank Millennium -BB, whereas Getin Noble Bank was B+.
On August 6, the day after the amendment was passed, trading of Getin Noble Bank (GNB) and Bank Millenium has been suspended for a few minutes, as GNB's shares had sunk by over 25 percent and Millenium lost nearly 18 percent.
