Fitch puts Aspis Bank on watch

Fitch Ratings said it placed Aspis Bank's BB+ long-term issuer default rating, its BB- €15 million and €25 million perpetual non-cumulative callable hybrid tier 1 capital notes and its BB €100 million dated subordinated notes on Rating Watch negative.

The B short-term rating, C/D individual rating, 5 support rating and "No Floor" support rating floor were affirmed.

The Rating Watch follows the publication of Aspis Bank's first-half results for 2008, in which the bank reported an operating loss of €26.5 million and senior-level staff changes.

The agency said its review of the bank will concentrate on the establishment of an achievable business plan including how Aspis Bank will return to stable and recurring profitability, measures the bank can take to contain increases in funding costs as well as progress to date on improvements to its credit risk management systems.

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