Current reports

Current report no. 21/2009 - Information about rating

Legal basis: § 5 section 1 item 26 of the Ordinance of the Minister of Finance on current and periodical information provided by issuers of securities and conditions for recognizing as equivalent information required under the law of a non-member state dated 19 February 2009 (Journal of Laws No. 33, item 259).

Bank Handlowy w Warszawie S.A. (hereinafter referred to as the "Bank") announces that on 18 June 2009 Moody's Investors Service Ltd (hereinafter referred to as "Moody's") downgraded Bank Financial Strength Rating (BFSR) to D+ with negative outlook from C-. The Bank's local and foreign long-term deposit rating was downgraded to Baa1 with a negative outlook from A3. The short term deposit ratings of P-2 were affirmed.

The rating action reflects the impact of the worsening environment on predominantly consumer and corporate portfolio. Moreover, the Bank's losses on FX options had a notable negative impact on its profitability. On the other hand, Moody's notes that the Bank's funding position as a net lender remains comfortable and its capital adequacy ratio is one of the highest among the rated banks.