Fitch: Bank Ochrony Srodowiska eurobond BBB

Fitch Ratings said it assigned a final rating of BBB to Bank Ochrony Srodowiska's €250 million 6% senior unsecured eurobond issue due May 11, 2016.

The final rating follows the completion of the issuance and receipt of documents conforming to the information previously received.

The final rating is the same as the expected rating assigned in April, Fitch said.

The proceeds will be used for the bank's growth and to a large extent to refinance a significant outflow of deposits driven by legislative changes in Poland, as selected institutions from the public sector are required to transfer their disposable funds from commercial banks to the ministry of finance, Fitch said.

The bank is a universal bank with a strong focus on preferential and commercial financing of ecologically-friendly projects, the agency said.

The bank also has a long-term foreign-currency issuer default rating of BBB and short-term foreign-currency issuer default rating of F3.

The outlook is stable.

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