RB 11/2015 - Fitch rating BOŚ S.A. - released 13 April 2015

In fulfilment of provisions of § 5 subpara. 1 point 26 of the Regulation of the Minister of Finance of 19 February 2009 on current and interim reports published by issuers of securities and conditions deemed equivalent to information required under regulations of a non-member state, the Management Board of Bank Ochrony Środowiska S.A. with registered seat in Warsaw (the Bank) announces that it learnt,
13 April 2015, of a 10 April 2015 Fitch Ratings Ltd (the Agency) report upholding their previous ratings of the Bank. The ratings are quoted as follows:

Long-term IDR: 'BBB', outlook negative,

Short-term IDR: 'F3',

National Long-term Rating: 'A(pol)', outlook negative,

National Short-term Rating: 'F1(pol)',

Viability Rating: 'bb',

Support Rating: '2',

Support Rating Floor: 'BBB'.

EUR250m eurobonds issued by BOS Finance AB have been rated 'BBB'.
The Bank's PLN 2 billion Bond Issue Programme have been given the following ratings:

National long-term rating: 'A(pol)',

National short-term rating: 'F1(pol)',

The Bank's PLN 83 million R1 series subordinate bonds have been given a rating of
'BBB-(pol)'.
The Agency explains their decision to leave their previous ratings unchanged pointing at the high likelihood of sovereign support of the Bank to be upheld, with the State Treasury being majority holder, but also in recognition of the Bank's significant position in providing financing to pro-ecological projects across Poland. The Agency further cautions, that since Poland is likely to implement the EU Bank Recovery and Resolution Directive (BRRD), the support level may be reduced before mid-2015, with the Bank's Long-term IDR and Support Rating being downgraded to 'BB' and '3', respectively.

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