Fitch Ratings on Feb. 5 took various rating actions on Polish lenders Alior Bank SA, Getin Noble Bank SA and Euro Bank SA.
The rating agency upgraded the viability rating of Euro Bank to "bb+" from "bb" to reflect its reassessment of risks pertaining to the bank's stand-alone credit profile; extended record of the lender's stable risk appetite and resilient profit generation; and its solid capital buffers, sound funding and liquidity profile.
Euro Bank's A-/F1 long- and short-term foreign-currency issuer default ratings, AA+(pol)/F1+(pol) long- and short-term national ratings and 1 support rating were affirmed to reflect the agency's opinion that the Polish bank is extremely likely to receive support from its parent, Société Générale SA, if needed.
Fitch also revised the outlook on Alior Bank's BB long-term issuer default rating and BBB+(pol) national long-term rating to positive from stable and affirmed the ratings. The outlook revision reflects the improving profitability metrics of the bank compared to the assumed risks; a more mature and proven business model; and planned moderation of its growth appetite. The agency also affirmed the bank's B short-term issuer default ratings, F2(pol) national short-term rating, "bb" viability rating, 5 support rating and No Floor support rating floor.
In addition, the rating agency downgraded Getin Noble Bank's long-term issuer default rating to B+ from BB- with a stable outlook; its national long-term rating to BB+(pol) from BBB-(pol), with a stable outlook; and its viability rating to "b+" from "bb-."
The downgrade reflects deterioration in Getin Noble's stand-alone credit risk profile over the last 12 months. The bank's B short-term issuer default rating, 5 support rating and No Floor support rating floor were affirmed.
