7834ae1f-9d37-4c07-af0b-e32fdf940b44.pdf RB 17/2016 - Fitch rating BOŚ S.A. - released 29 February 2016


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 on 29 February 2016 it learned that Fitch Ratings Ltd (the Agency) has downgraded the Longterm Issuer Default Rating (IDR) to 'B+' from 'BB' with Stable Outlook. Due to this change other ratings of the Bank have been downgraded.


The Agency in the report mentions as the main reason for this decision significantly weakened loss absorption capacity, in part as a result of the new bank tax and weak asset quality. The current level of the rating results from the view of the Agency regarding an only limited probability of extraordinary support for BOŚ from the Polish sovereign, mostly due to the Bank Recovery and Resolution Directive (BRRD).

The Agency believes that the state would endeavor to act pre-emptively to avoid BOŚ breaching regulatory capital adequacy requirements due to the state's indirect ownership of the bank and BOS's role in financing Poland's environmental protection projects.


The rating actions for BOŚ S.A. are as follows:

  • Long-term foreign currency IDR: downgraded to 'B+' from 'BB', Outlook Stable

  • Short-term foreign currency IDR: affirmed at 'B'

  • National Long-term Rating: downgraded to 'BB+(pol)' from 'BBB(pol)', Outlook Stable

  • National Short-term Rating: downgraded to 'B(pol)' from 'F3(pol)'

  • Viability Rating: downgraded to 'b+' from 'bb'

  • Support Rating: affirmed at '4'

  • Support Rating Floor: affirmed at 'B'

  • PLN 2bn senior unsecured bond programme: downgraded to 'BB+(pol)' from 'BBB(pol)'

  • PLN 2bn senior unsecured bond programme: downgraded to 'B(pol)' from 'F3(pol)'

  • PLN 83m subordinated debt: downgraded to 'BB-(pol)'from 'BBB-(pol)'


    BOS Finance AB

  • EUR 250m long-term senior unsecured Eurobonds: downgraded to 'B+' from 'BB'

BOS - Banku Ochrony Srodowiska SA issued this content on 29 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 02 March 2016 13:41:06 UTC

Original Document: https://s.bosbank.pl/files/file_292/RB-17-2016_Eng.pdf