Fitch affirms BOS

Fitch Ratings said it affirmed Bank Ochrony Srodowiska's long-term issuer default rating at BBB with a stable outlook, short-term foreign-currency issuer default rating at F3, viability rating at bb, individual rating at D, support rating at 2 and support rating floor at BBB.

The agency said the issuer default and support ratings are based on its view that support could be provided to the bank by the Polish state given the quasi-governmental status of major shareholders and the bank's significant role in financing environmentally friendly projects in Poland.

The bank plans to raise about 350 million Polish zloty in 2012 through a secondary public offering to fund loan growth. Fitch said it will reassess the impact of the potential changes in the bank's shareholder and capital structure on its view of the support available to the bank after the offering is completed.

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