Pohjola Bank plc
Stock exchange release
3 December 2015 at 09.00 am (EET)
Standard & Poor's downgraded Pohjola Insurance Ltd's ratings, Pohjola Bank plc's credit ratings remain unchanged
Standard & Poor's Credit Market Services Ltd (S&P) has downgraded Pohjola Insurance Ltd's insurer financial strength rating and long-term counterparty credit rating by one notch from AA- to A+. S&P kept the rating outlook negative. The underlying reason for the downgrades was S&P's decision to withdraw sovereign support from factors that improve ratings.
At the same time, S&P affirmed Pohjola Bank plc's long-term counterparty rating at AA- and short-term counterparty rating at A-1+, while keeping the rating outlook negative.
Pohjola Bank plc
Carina Geber-Teir
Executive Vice President, Corporate Communications
For more information, please contact:
Elina Ronkanen-Minogue, Head of ALM and Group Treasury, tel. 010 25 28767
Lauri Iloniemi, Head of Group Funding, tel. 010 25 23541
Distribution
NASDAQ Helsinki Ltd
LSE London Stock Exchange
SIX Swiss Exchange
Major media
op.fi and pohjola.com
Pohjola is part of Finland's leading customer-owned financial services group OP Financial Group. It provides its customers with banking, non-life insurance and asset management services. Pohjola acts as OP's central bank and is responsible, together with OP Mortgage Bank, for OP's funding in money and capital markets. As laid down in the applicable law, Pohjola, its parent company OP Cooperative and other OP Financial Group member credit institutions are ultimately jointly and severally liable for each other's debts and commitments. Joint and several liability within OP is based on the Laki talletuspankkien yhteenliittymästä Act (Act on the amalgamation of deposit banks).
www.pohjola.com
OP Financial Group is Finland's leading financial services group providing a unique range of banking, wealth management and insurance services. OP Financial Group's mission is to promote the sustainable prosperity, security and wellbeing of its owner-customers, customers and operating regions through its local presence. Its objective is to offer the best and most versatile package of loyal customer benefits on the market. OP Financial Group consists of about 180 member cooperative banks, its central cooperative OP Cooperative, and the latter's subsidiaries and affiliates. The Group has a staff of 12,000 and 4.3 million customers.
www.op.fi