Getin Noble Bank (GNB)

1.52PLN
-1.30% 12:23

Current report 28/2010/K

10.06.2010

Correction of Current report 28/2010 dated 9 June 2010 - Change of Getin Noble Bank’s rating by Fitch Ratings

The Management Board of Getin Noble Bank S.A. (the „Issuer”) hereby corrects Current report 28/2010 dated 9 June 2010 as follows:
1) Correction in the title of the report
There was:
Change of Getin Noble Bank’s rating by Fitch Ratings
There is:
Granting rating to Getin Noble Bank by Fitch Ratings
2) Correction of the content of the report

There was:
Getin Noble Bank S.A. (the “Issuer”, the „Bank”) hereby informs that on 9 June 2010 Fitch Ratings-London/Warsaw („Fitch Ratings”, the „Agency”) announced the Bank’s rating, in which the Agency confirmed rating affirmed on 7 January 2010 (the  Bank’s Current report 5/2010), i.e. Long-term Issuer Default (IDR) “BB”, Short-term IDR “B”, Individual “'D”, Support “5” and National Long-term “BBB”(pol) and simultaneously changed the IDR, the National Long-term rating and the Individual Rating by removing them from Rating Watch Evolving (RWE). The Agency changed the Outlooks of the Long-term Issuer Default (IDR) and the National Long-term rating from Negative to Stable.

As a reason of the abovementioned change Fitch Ratings gives elevated loan impairment charges (LICs), large, albeit falling, exposure to foreign currency-denominated mortgages, reliance on the interbank market to hedge structural currency mismatches and moderate liquidity. The factors which also influence rating are stable funding source based almost entirely on deposits and diversified income streams.

There is:
Getin Noble Bank S.A. (the “Issuer”, the „Bank”) hereby informs that on 9 June 2010 Fitch Ratings-London/Warsaw („Fitch Ratings”, the „Agency”) announced the Bank’s rating, in which the Agency confirmed rating affirmed on 7 January 2010 (the  Bank’s Current report 5/2010), i.e. Long-term Issuer Default (IDR) “BB”, Short-term IDR “B”, Individual “'D”, Support “5” and National Long-term “BBB”(pol). Fitch ratings simultaneously removed the IDR, the National Long-term rating and the Individual Rating from Rating Watch Evolving (RWE). The Agency changed the Outlooks of the Long-term Issuer Default (IDR) and the National Long-term rating from Negative to Stable.

According to Fitch Ratings the affirmation of the Issuer’s ratings reflects elevated loan impairment charges (LICs), large, albeit falling, exposure to foreign currency-denominated mortgages, reliance on the interbank market to hedge structural currency mismatches and moderate liquidity. The factors which also influence rating are stable funding source based almost entirely on deposits and diversified income streams.

The rest of the report is correct. The Issuer simultaneusly explains that the Negative Outlook of Long-term Issuer Default (IDR) and National Long-term rating announced in Current report 5/2010 dated 12 January 2010 regarded Getin Bank S.A., a company taken over by the Issuer on 4 January 2010. Stable Outlook of Long-term Issuer Default (IDR) and National Long-term rating announced in Current report 28/2010 dated 9 June 2010 was affirmed to the Issuer as to a company operating after the merger of Noble Bank S.A. and Getin Bank S.A. In view of the above there has been no change to the abovementioned ratings but granting the abovementioned ratings.

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).