Moody’s lifts Santander Bank Polska

Moody's Investors Service said it upgraded Santander Bank Polska SA's long-term deposit ratings to A2 from A3 and long-term senior unsecured debt rating to A3 from Baa1.

The bank's baseline credit assessment was upgraded to Baa2 from Baa3, its adjusted baseline credit assessment to Baa1 from Baa2, long-term counterparty risk assessment to A1(cr) from A2(cr) and long-term counterparty risk ratings to A1 from A2.

Moody's also upgraded Santander Bank Polska’s short-term deposit ratings to prime-1 from prime-2 and affirmed the bank's prime-1(cr) short-term counterparty risk assessment and prime-1 short-term counterparty risk ratings.

The outlook on the long-term deposit and senior unsecured debt ratings also was changed to stable from positive, the agency said.

The upgrades reflect the bank's continued strong performance, which was broadly in line with expectations, Moody’s said.

The bank's reported non-performing loans ratio declined to 4.6% in December 2018, from 5.8% in December 2017, the agency said.

This level is close to the average for the Polish banking sector and also similar to those of its main competitors, Moody’s said.

The outlook on SBP's long-term deposit and senior unsecured debt ratings is stable and reflects limited upward or downwards pressure on the bank's ratings over the next 12 to 18 months.

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