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Fitch affirms Bank Millennium, withdraws Euro Bank's ratings

Fitch Ratings on Oct. 15 took various rating actions on Polish banks Bank Millennium SA and Euro Bank SA, following the completion of their legal merger.

The agency affirmed Bank Millennium's BBB-/F3 long- and short-term issuer default ratings, A(pol) long-term national rating, 4 support rating and "bbb-" viability rating. The outlooks on the long-term issuer default and national ratings remain stable. The bank was also assigned a short-term national rating of F1(pol).

Fitch also affirmed and withdrew Euro Bank's BBB-/F3 long- and short-term issuer default ratings, A(pol)/F1(pol) long- and short-term national ratings and 2 support rating. The agency also withdrew the former Société Générale SA unit's viability rating after upgrading it to "bbb-" from "bb+". The outlooks on the bank's long-term issuer default and national ratings were stable prior to the withdrawal of the ratings.

Bank Millennium's support rating reflects the agency's assessment of potential help from the bank's ultimate parent, Millennium BCP, Fitch said.

The stable outlook on Bank Millennium's long-term issuer default rating reflects broadly balanced risks related to the bank's credit profile, following its acquisition and legal merger with Euro Bank, the agency added.