According to Polish daily Parkiet, Moody’s rating agency has upgraded several ratings on the Polish banks due to the change in the rating methodology. The changes goes as follow:
• Financial strength:
o Bank BPH, Bank Handlowy from D+ to C-
o BRE Bank, Kredyt Bank, Bank BGZ from D- to D
• Long term foreign currency deposits rating for Bank BPH has increased from Baa1 to A3.
• domestic currency deposits:
o Getin Bank rating has been upgraded to Ba2
o ING BSK rating has been upgraded to AA3
• Bank Millennium outlook has been raised to Positive from Neutral.
Our view: We don’t expect the news to have any material impact on the stock price of Polish banks today as the change in the rating methodology was widely expected by the market.