|
|||
2011-12-15 06:40:00 CET 2011-12-15 06:40:46 CET REGULATED INFORMATION Pohjola Pankki Oyj - Company AnnouncementFitch downgrades credit ratings of OP-Pohjola Group and Pohjola Bank as part of extensive review of banking sector15 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. [HUG#1571531] |
|||
|