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Moody's revises outlook on Bank BPH

Moody's on April 13 affirmed 's Ba2/Not Prime long- andshort-term foreign- and domestic-currency bank deposit ratings and changed theoutlook to negative from stable.

The bank's Baa2(cr)/P-2(cr) long- and short-termcounterparty risk assessment, "ba3" baseline credit assessment and"ba2" adjusted baseline credit assessment, incorporating assumptionsfrom affiliate support of the bank's owner, General Electric Co., were unaffected by the ratingsaction.

The ratings action follows GE's decision to sell itsmajority stake in Bank BPH's corebusiness to AliorBank SA on April 1.

The affirmation of Bank BPH's long-term ratings reflectsMoody's expectation of continuous moderate affiliate support from GE to itsunit. This results in a one-notch uplift to the deposit ratings from Bank BPH'sbaseline credit assessment, as well as the moderate loss given failure for BankBPH's deposits based on Moody's analysis of the bank's liability structureunder its advanced loss-given failure analysis, until the de-merger isconcluded.

The revised outlook reflects the agency's expectation of asignificant increase in Bank BPH's wholesale funding reliance and thecontingent risk for the Swiss franc mortgage portfolio of the bank, in light ofthe potential forced conversion of foreign-currency mortgages that could beimposed on Polish banks. The revised outlook also reflects that in the absenceof a meaningful deposit funding cushion, a high loss-given-failure analysiscould lead to downward notching of the deposit ratings from the bank's adjustedbaseline credit assessment.