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Moody's upgrades 3 Polish banks, affirms 2 others

Moody's on Dec. 19 upgraded the ratings of three Polish banks, while affirming the ratings of two others.

The rating agency upgraded the long-term local and foreign-currency deposit ratings of mBank SA to Baa1 from Baa2 and revised the outlook on the ratings to positive from stable. The agency also upgraded the bank's baseline credit assessment to "ba1" from "ba2," adjusted baseline credit assessment to "baa3" from "ba1" and long-term counterparty risk assessment to A3(cr) from Baa1(cr).

Moody's upgraded Bank Millennium SA's long- and short-term local- and foreign-currency deposit ratings to Baa3/Prime-3 from Ba1/Not Prime, with a stable outlook on the long-term ratings. The bank's baseline credit assessment and adjusted baseline credit assessment were upgraded to "ba2" from "ba3,"along with its long- and short-term counterparty risk assessments to Baa2(cr)/Prime-2(cr) from Baa3(cr)/Prime-3(cr).

BNP Paribas SA unit Bank BGZ BNP Paribas SA's long-term local- and foreign-currency deposit ratings were upgraded to Baa1 from Baa2, with a stable outlook.

Meanwhile, Moody's affirmed PKO Bank Polski SA's A2/Prime-1 long- and short-term local- and foreign-currency deposit ratings, A3 long-term senior unsecured debt rating and subsidiary PKO Bank Hipoteczny SA's Baa1/Prime-2 long- and short-term local- and foreign-currency issuer ratings. The outlook on all the long-term ratings is stable.

Moody's, which affirmed various other ratings of the five Polish lenders, attributed the rating action to greater clarity on the legislative proposal regarding foreign-currency mortgages at Poland's lenders and the agency's assessment that the costs associated with the draft legislation will be manageable for the banks.