Bank Millennium S A : Fitch upgraded key ratings for Bank Millennium and maintained positive outlook
June 29, 2024 at 03:02 am
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28.06.2024
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Fitch upgraded key ratings for Bank Millennium and maintained positive outlook
Fitch Ratings upgraded the Bank's Long-Term Foreign-Currency Issuer Default Rating (LT IDR) and Long -Term Local Currency IDR (LC LT IDR) to 'BB+' and maintained outlooks for these rating at 'Positive. Additionally, Fitch upgraded to 'bb+' the Viability Rating (VR) for the Bank and upgraded to 'BB+' rating for the senior non-preferred bonds issued by the Bank.
According to Fitch 'The upgrade reflects strong improvement in the bank's capital position resulting in the completion of its recovery plan and our (Fitch) expectation that risks related to its legacy foreign-currency (FC) mortgage loans will gradually abate. It also reflects our (Fitch) expectations that the bank's improved core profitability will cushion the remaining impact of legal costs and credit holidays, leading to a further recovery of the bank's capitalisation. The Positive Outlook reflects Fitch's view that the ratings could be upgraded if continued reduction of risks related to FC mortgage loans translates into a stronger business profile as underlined by steadily improving operating profitability and a record of adequate capital buffers.'
The full list of rating action and the text of the original rating report of Fitch are available at Fitch's website:
https://www.fitchratings.com/research/banks/fitch-upgrades-millennium-to-bb-outlook-positive-28-06-2024link otwiera się w nowym oknie
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Bank Millennium SA is a Poland-based commercial bank. Its product and service offer includes personal accounts, debit and credit cards, overdraft limits, cash and mortgage loans, saving accounts, term deposits, investment funds, brokerage services, structured products and insurance products. Its business is divided into three segments, including Retail Banking, providing services for individual customers and small enterprises; Corporate Banking, providing services for corporate customers; and Treasury and investment operations, offering financial instruments for both individual and corporate customers. As of December 31, 2012, the Bank rendered its services through a network of 447 outlets located in Polish cities, Internet banking (Millenet), telephone banking and a network of automated teller machines (ATMs). It operated six subsidiaries, including Millennium Leasing Sp. z o.o. and Millennium Dom Maklerski SA, among others. Banco Comercial Portugues SA held a 65.51% stake in the Bank