Fitch affirms Bank Ochrony Srodowiska

Fitch Ratings said it affirmed the ratings of Bank Ochrony Srodowiska (BOS) at long-term BBB-, short-term F3, support 2 and individual D.

The outlook is stable.

The agency noted the rating action follows the announcement by Skandinaviska Enskilda Banken that it has reached an agreement to sell its stake in BOS to Poland's National Fund for Environmental Protection and Water Management, which holds 44.69% in the bank and will hold over 92% after the sale.

Fitch said BOS's support, long-term and short-term ratings are based on the potential support the bank can expect to receive from the Polish state in case of need.

The individual rating of BOS reflects low core profitability, weak asset quality, tight liquidity and high albeit reducing operational risk, Fitch added.

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