Getin Noble Bank (GNB)
+ 4.32% 17:03
Current report 5/201012.01.2010
Granting rating to Getin Noble Bank S.A.
Getin Noble Bank S.A. (the “Issuer”) hereby informs that Fitch Ratings-London/Warsaw has affirmed on 7 January 2010 the following ratings of Getin Bank (“Getin Bank”) – a Company which merged on 4 January 2010 with Noble Bank S.A. (“Noble Bank”): Long-term Issuer Default (IDR) “BB” , Short-term IDR “B”, Individual “'D”, Support “5” and National Long-term “BBB”(pol). The Outlook of IDR and National Long-term IDR is Negative.
The Support Rating Floor has been affirmed at “No Floor”, which means no minimum support. The eurobond debt programme has been affirmed at Long-term “BB”. At the same time, all ratings for Getin Bank and for the eurobond debt issue programme have been withdrawn as the bank has ceased to exist as a separate legal entity following its merger with Noble Bank.
Fitch has simultaneously assigned the combined entity, Getin Noble Bank S.A., a Long-term IDR of “BB”, Short-term IDR of “B”, an Individual rating of “D”, a Support rating of “5” and a National Long-term rating of “BBB”(pol). The Long-term IDR, National Long-term rating and Individual rating of Getin Noble Bank S.A. have been placed on Rating Watch Evolving.
The Rating Watch Evolving reflects the fact that only preliminary year-end financial data is available for both Getin Bank and Noble Bank. Fitch expects to resolve the Rating Watch in the first quarter of 2010 as soon as the audited financial statements for both banks are available and once the agency has had the opportunity to discuss the strategic direction of the
merged entity with management.
The Issuer’s ratings reflect recent rapid growth of Getin Bank’s and Noble Bank’s loan books, deteriorating asset quality, moderate liquidity and risks related to large, albeit falling, exposure to foreign currency-denominated mortgages. This also reflects stable funding source based on household savings, adequate Bank’s capitalisation and diversified income streams.
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, affiliate firewall, compliance policies and procedures 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).