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Moody's downgrades Poland-based Getin Noble Bank

Moody's downgraded the long-term bank deposit ratings of Getin Noble Bank SA to B2 from B1 and revised the outlook on the rating to negative.

The rating was previously lowered from Ba3 and was placed on review for further downgrade on Oct. 10.

The rating agency also lowered the Polish lender's baseline and adjusted baseline credit assessments to "caa1" from "b3" and its long-term counterparty risk rating and assessment, respectively, to B1 and B1(cr) from Ba3 and Ba3(cr). Moody's also affirmed the bank's Not Prime short-term bank deposit and counterparty risk ratings and its NP (cr) short-term counterparty risk assessment.

Moody's noted that the downgrade was prompted by the bank's third-quarter results and its assessment of recent market developments surrounding the bank and their negative implications on its financial fundamentals.

The agency added that the negative developments in the bank could have weakened customers' and investors' confidence amid increasing pressure to repair profitability and capital adequacy.