Moody’s rates Bank BPH Ba2/Not Prime

Moody's Investors Service said it assigned Ba2/Not Prime long- and short-term issuer ratings to Bank BPH SA.

Concurrently, the agency withdrew BPH's Ba2/Not Prime deposits ratings.

The outlook on the long-term issuer ratings is stable while the previous outlook on the bank's deposit ratings was negative.

Moody’s said the action was triggered by the completion of the sale and spinoff of BPH's core business to Polish Alior Bank SA (unrated) on Nov. 4, following which BPH was put into wind-down by its owner, General Electric Co. (GE; A1, stable) in the context of the group's global streamlining and downsizing of its financial services activities.

The assignment of issuer ratings while simultaneously withdrawing the deposit ratings reflects the transfer of all of BPH's deposits to Alior while ceasing to originate deposits, the agency explained.

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