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Moody's revises outlook on Poland-based Bank Millennium

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Moody's revises outlook on Poland-based Bank Millennium

Moody's on March 23 affirmed Bank Millennium SA's Baa3/Prime-3 long- and short-term bank deposit ratings and revised the outlook on the long-term rating to positive from stable.

Moody's also affirmed the Polish lender's "ba2" baseline credit assessment and adjusted baseline credit assessment and Baa2(cr)/Prime-2(cr) long- and short-term counterparty risk assessments.

The outlook revision follows a recently similar action on the bank's parent Millennium BCP, indicating upward pressure on the lender's baseline credit assessment. The agency noted it expects to reflect improvements in the Portuguese parent's credit profile in Bank Millennium's baseline credit assessment over the next 12 to 18 months.