, Bank Handlowy
and ING BSK debt and deposit ratings have been lowered by the Moody's Investors Service, among 44 bank’s downgrades, following the modification of bank rating methodology. The refined methodology, released on March 30th, reduces external support level incorporated into bank deposit and debt ratings in order to give greater weight to k financial strength. Ratings downgrades include:
• PKO BP
: to Aa2 from Aaa (no pre-JDA local currency rating),
• Bank Handlowy
: to Aa3 from Aa2 (no pre-JDA local currency rating),
• ING BSK: to A1 from Aa3 (no pre-JDA local currency rating).
Our view: The major downgrades have been expected and came as a result of the criticism of inconsistency in the Moody's Investors Service ratings. We do not expect any trading impact as of today.