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Finnish bank reviewed by Moody's and could lead to downgrade


  

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Thursday, 11 August 2011
Controversial credit rating agency, Moody's is considering providing the Finnish baking group OP-Pohjola Group downgraded credit rating. Pohjola Bank has been deemed struggling with problems including problem loans, said Moody's.

The credit rating agency Moody's said it is reviewing the rating of the Finnish banking group OP-Pohjola because OP-Pohjola’s financial performance has weakened compared to its pre-crisis levels of 2008.


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The examination had to do with the bank’s so-called BFSR-rating that describes the OP-Pohjola Group's finances, Pohjola Bank's long-term and Pohjola Insurance economy. The Institute points out to the financial group's problem loans and sector concentrations.

The competitive situation in the Finnish housing market is also increasing pressure on margins, Pohjola Bank, says Moody's.

Moody’s says that any downgrade would be one notch at the most. OP-Pohjola’s Chief Financial Officer Harri Luhtala says that the rating review will have no impact on the banking group’s customers.
In July, the bank did well on the European bank stress tests.
By Scancomark.se Team


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