Moody’s downgrades Millennium Bank to Baa3

Credit rating agency Moody's Investors Service has downgraded Millennium Bank’s ratings, including its long-term deposit rating to Baa3 from Baa1 and its short-term deposit rating to P-3 from P-2, the bank said. Moody's has placed all of the bank's long- and short-term ratings under review with the possibility of a further downgrade. 

In its report, Moody's stated that the rating change follows the bank's announcement that it expects its capital ratios to fall below minimum regulatory requirements. It would happen "as a result of the entry into force of a regulation supporting borrowers in Poland, a key element of which is credit moratoria for holders of mortgage loans in Polish zloty".

Source: IBS News