Credit ratings downgrade for 10 Polish banks (announcement)

EuroRating downgraded credit ratings or rating outlooks for 10 Polish banks. This group include:  Bank BPH, Bank Millennium, BOŚ, BZ WBK, Deutsche Bank Polska, Getin Noble Bank, mBank, PKO BP, Raiffeisen Bank Polska and Santander Consumer Bank.

The main reason for downgrading the assessments of creditworthiness of banks is new legislation passed by the Polish parliament on special rules for the restructuring of foreign currency mortgage loans. It assumes a forced conversion of foreign currency banks mortgage loans while moving on the banks of the overwhelming majority of the costs involved.

See the full announcement on the undertaken rating actions (in Polish) »