August 15, 2022

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The unpleasant consequences of credit holidays for banks.  Fitch downgrades rating

The unpleasant consequences of credit holidays for banks. Fitch downgrades rating

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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See also: “It’s more than just a help.” Only 15 percent. The Poles have trouble repaying the loan

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.

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