 |
January 8, 2008 |
|
|
|
 |
GETIN BANK: Fitch Affirms BB IDR with Stable Outlook Fitch Ratings has affirmed Poland-based Getin Bank's ratings at Long-term IDR 'BB', Short-term IDR 'B', Individual 'D' and Support '5'. The Outlook is Stable. At the same time, Fitch assigned GB a National Long-term rating of 'BBB(pol)' with Stable Outlook. The Support Rating Floor is affirmed at 'No Floor'. GB's outstanding EUR500 million and US$100 million eurobonds are affirmed at Long-term 'BB'. The Long-term, Short-term IDRs and Individual rating reflect the bank's short track record, the operational risk associated with its rapid growth and acquisitions, its moderate liquidity and only adequate capitalization. They also reflect its success in building a profitable franchise, high cost-efficiency and a conservative market risk appetite. GB continued its rapid expansion with loan portfolio growth of 31% in first half of 2007, following the 80% growth recorded in 2006. The growth was funded with eurobond issuance and active acquisition of domestic deposits. The tightening of liquidity in both international and domestic markets may result in slower asset growth over the short- and medium-term. GB was the 13th-largest bank in Poland, with 176 branches and a 1.9% share in sector assets at end of first half of 2007. The bank is focused on mortgage lending, consumer finance and bancassurance. At end of first half of 2007 the loan portfolio was 50% mortgages, 22% auto loans, 14% consumer loans and 14% business loans. GB is part of Getin Holding, an integrated financial group quoted on the Warsaw Stock Exchange. |
|
|
||
|
Today's Top Stories have been selected from the Troubled Company Reporter - Europe. To receive the Full TCR-EUR please CLICK HERE.
