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Fitch affirms Getin Noble Bank
Fitch Ratings said it affirmed Getin Noble Bank SA's long-term issuer default rating at BB, short-term issuer default rating at B, individual rating at D, support rating at 5 and national long-term rating at BBB(pol).
Fitch said it removed the ratings from Rating Watch evolving and assigned a stable outlook to the two long-term ratings.
The affirmation reflects the successful expansion of its franchise in a competitive market with the early 2010 merger of Getin and Noble helping to improve its scale, according to the agency.
Ratings also reflect deteriorating asset quality trends, elevated loan impairment charges, large, albeit falling, exposure to foreign currency-denominated mortgages, reliance on the interbank market to hedge structural currency mismatches and moderate liquidity, the agency said.
These factors are balanced by a stable funding source, based almost entirely on deposits and diversified income streams, Fitch noted.
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