Fitch downgrades credit ratings of OP-Pohjola Group and Pohjola Bank as part of extensive review of banking sector
(Thomson Reuters ONE) -
15 December 2011
STOCK EXCHANGE RELEASE
at 7.40 am EET
Fitch downgrades credit ratings of OP-Pohjola Group and Pohjola Bank plc as part
of extensive review of banking sector
As part of its extensive review of the global and European banking sector, Fitch
Ratings has reduced OP-Pohjola Group's and Pohjola Bank plc's long-term IDR from
'AA-' to 'A+' and short-term IDR from 'F1+' to 'F1', with a stable outlook for
these ratings.
The general developments in the global economy and a notable shift in market
confidence towards the banking sector are the main reasons for the downgrade.
Fitch also states that OP-Pohjola Group's asset quality is sound, liquidity well
managed and its risk weighted capital ratios are solid.
In 2009, Fitch changed the outlook to negative and in October 2011 put OP-
Pohjola and Pohjola Bank plc under review for a possible downgrade.
Pohjola Bank plc
Carina Geber-Teir
Chief Communications Officer
For more information, please contact:
Vesa Aho, CFO, tel. +358 (0)10 252 2336
Carina Geber-Teir, Chief Communications Officer, tel. +358 (0)10 252 8394
Distribution
NASDAQ OMX Helsinki Ltd
London Stock Exchange
SIX Swiss Exchange
Major media
pohjola.fi and op.fi
Pohjola Bank plc is a Finnish financial services group which provides its
customers with banking, non-life insurance and asset management services. Our
mission is to promote the prosperity, security and wellbeing of our customers.
Profitable growth and an increase in company value form our key objectives.
Pohjola Group serves corporate customers in Finland and abroad by providing an
extensive range of financial, investment, cash-management and non-life insurance
services. We offer non-life insurance and private banking services to corporate
customers. Pohjola Series A shares have been listed on the Large Cap List of the
NASDAQ OMX Helsinki since 1989. The number of shareholders totals around
35,000. Pohjola's consolidated earnings before tax came to 308 million euros in
2010 and the balance sheet total amounted to 36 billion euros on 31 December
2010. Pohjola is part of OP-Pohjola Group, the leading financial services group
in Finland which has over four million customers.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Pohjola Pankki Oyj via Thomson Reuters ONE
[HUG#1571531]
Unternehmensinformation / Kurzprofil:
Datum: 15.12.2011 - 06:41 Uhr
Sprache: Deutsch
News-ID 97262
Anzahl Zeichen: 3082
contact information:
Town:
POHJOLA
Kategorie:
Business News
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