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Moody's assigns negative outlook on Poland's Getin Noble Bank

Moody's on Oct. 23 assigned a negative outlook on Getin Noble Bank SA's long-term deposit rating, while confirming the rating at Caa1.

The rating agency also confirmed the Polish bank's long-term counterparty risk rating and assessment at B2 and B2(cr), respectively.

The bank's baseline and adjusted baseline credit assessments were affirmed at "ca," while its short-term counterparty risk rating and bank deposit rating were affirmed at NP. Also affirmed was the bank's NP(cr) short-term counterparty risk assessment.

The bank's long-term deposit rating reflects the agency's view that Getin Noble Bank and authorities will agree on the bank's capital and profitability recovery plan in due course, among other factors. In case the recovery plan does not restore the bank's viability, its subordinated debt cushion is available to absorb losses to a large degree, Moody's noted.

The ratings actions conclude a review for further downgrade initiated by Moody's in May.