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Bank Millennium SAFitch upgrades long-term ratings for Bank Millennium to 'BBB-' with stable outlook
Fitch rating agency has upgraded listed lender Bank Millennium's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) to 'BBB-' from 'BB+' with a stable outlook, the agency said in a statement.
"The upgrade reflects a continued reduction in legal risks associated with foreign-currency mortgage loans, resulting in a stronger business profile, as evidenced by steadily improving operating profitability and a record of adequate capital buffers," Fitch said in the press statement.
"We believe the bank's medium-term strategy and its execution are no longer significantly constrained by these legacy risks," it added.
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