Ref: PL00 2 20 CRA00- 0 1 22 April 20 2 1
Bank Millennium – Outlook Revised to Negative ; All Other Ratings Affirmed
Capital Intelligence Ratings (CI Ratings or CI) today announced that it has revised the Outlook on the L ong- T erm F oreign C urrency R ating (LT FCR) and B ank S tandalone R ating (BSR) of Bank Millennium S.A. (BM) to Negative from Stable. At the same time, CI Ratings has affirmed the Bank’s LT FCR and S hort-Term Foreign Currency Rating (S T FCR ) at ‘BBB+’ and ‘A2’, respectively. T he Bank’s BSR of ‘bbb+’, C ore Financial Strength Rating (CF S ) rating of ‘bbb’ and E xtraordinary Support Level (E SL ) of Uncertain have also been affirmed.
The change of the outlook to Negative from Stable is due to BM’s high exposure to CHF mortgage loans and the resulting elevated legal risks, coupled with uncertainty about the ultimate associated conversion costs and their…