Fitch Ratings has withdrawn Getin Noble Bank S.A.'s (Getin) ratings, including the Long-Term Issuer Default Rating (IDR) of 'CCC' and the bank's Viability Rating (VR) of 'f'.

The IDRs were on Rating Watch Evolving, which has not been resolved.

Fitch is withdrawing the ratings as Getin has chosen to stop participating in the rating process, following the bank's resolution. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings (or analytical coverage) for Getin.

On 30 Sept. 2022, Polish Bank Guarantee Fund announced the resolution of Getin, given the risk of the bank's insolvency, and wrote down its shareholder equity and subordinated debt. Fitch has downgraded Getin's VR to 'f' on 2 May 2022.

Key Rating Drivers

No longer relevant, as the ratings have been withdrawn.

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Rating Sensitivities

Factors that could, individually or collectively, lead to negative rating action/downgrade:

No longer relevant, as the ratings have been withdrawn.

Factors that could, individually or collectively, lead to positive rating action/upgrade:

No longer relevant, as the ratings have been withdrawn.

Best/Worst Case Rating Scenario

International scale credit ratings of Financial Institutions and Covered Bond issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit https://www.fitchratings.com/site/re/10111579

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING

The principal sources of information used in the analysis are described in the Applicable Criteria.

ESG Considerations

Following the withdrawal of the ratings, Fitch will no longer be providing the associated ESG Relevance Scores.

RATING ACTIONS

Entity / Debt

Rating

Prior

Getin Noble Bank S.A.

LT IDR

WD

Withdrawn

CCC

ST IDR

WD

Withdrawn

C

Natl LT

WD(pol)

Withdrawn

B(pol)

Natl ST

WD(pol)

Withdrawn

B(pol)

Viability

WD

Withdrawn

f

Government Support

WD

Withdrawn

ns

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