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Fitch upgrades Polish Bank Ochrony Środowiska

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Fitch upgrades Polish Bank Ochrony Środowiska

Fitch Ratings on Jan. 11 upgraded the long-term foreign-currency issuer default rating of Bank Ochrony Środowiska SA to BB- from B+, with a stable outlook.

At the same time, the agency upgraded the bank's national long-term rating to BBB-(pol) from BB+(pol), with a stable outlook; national short-term rating to F3(pol) from B(pol); and viability rating to bb- from b+.

The agency also affirmed the bank's B short-term foreign-currency issuer default rating, 4 support rating, and B support rating floor.

The upgrades reflect the Polish bank's strengthened capitalization, management and strategy, and reduced risk of further credit losses in its large exposure to wind farms.