Getin Noble Bank (GNB)

1.53PLN
-1.92% 17:00

Current report 34/2011

22.06.2011
Change of Getin Noble Bank S.A. rating by Fitch Ratings
Current report 34/2011, 22 June 2011 Getin Noble Bank S.A. (the “Issuer”, the “Bank”) hereby informs that on 22 June 2011 Fitch Ratings („Fitch Ratings”, the „Agency”) announced the Bank’s rating, in which the Agency confirmed rating affirmed on 9 June 2010 (the Bank’s Current report 28/2010 and 28/2010/K), i.e. Long-term Issuer Default (IDR) “BB”, Short-term IDR “B”, Individual “'D”, and National Long-term “BBB”(pol) and at the same time upgraded Support to “5” from “3” and assigned a Support Rating Floor of 'BB'. The Outlooks of the Long-term Issuer Default (IDR) remained Stable. The affirmation of the Bank’s rating reflects its solid operating results, strengthened credit underwriting standards and stable funding source, based mainly on retail deposits. As factors significant for the rating, the Agency named in particular liquidity ratio within the regulatory limits, modest given the Bank’s risk profile capitalization, expected decrease of impaired loans with improved quality of new production as well as still significant, albeit falling in both absolute and relative terms, exposure to foreign currency-denominated mortgages and reliance on the interbank market to hedge structural currency mismatches. The upgrade of the Support Rating and assignment of the Support Rating Floor reflects moderate probability of support from the state, given the Bank's significant market share in domestic retail savings (around 6.6% at end-Q111). The Agency stresses that at end-Q111, the Bank was the 10th-largest bank in Poland by total assets. Rating definitions are available on the agency's public website: www.fitchratings.com. Published ratings, criteria and methodologies are available from this site at all times. Fitch's Code of Conduct, Confidentiality, Conflicts of Interest and Securities Trading Policy, Firewall Policy as well as other relevant documents are also available from the “Code of Conduct” section of this site. Legal basis: Article 56 (1)(2a) of the Polish Act of 25 July 2005 on public offerings and the conditions for introducing financial instruments into an organized trading system and on public companies (Journal of Laws of 2005, No. 184, item 1539 with later amendments) read with §5 (1)(26) of the Minister of Finance Regulation of 19 February 2009 on current and periodic reporting by issuers of securities and the rules of equal treatment of the information required by the laws of non-member states (Journal of Laws of 2009 No. 33, item 259 with later amendments).