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2016-02-23

Säästöpankkien Keskuspankki Suomi Oyj: Central Bank of Savings Banks Finland Plc - Company Announcement

Central Bank of Savings Banks Finland Plc - Company Announcement

Central Bank of Savings Banks Finland downgraded to 'BBB+' - the outlook is
stable (Dec 2, 2015)

Central Bank of Savings Banks Finland Plc
Stock Exchange Release
23 February 2016 at 16.40 (CET +1)

Credit rating agency Standard&Poor's Rating Services (S&P) lowered the
long-term counterparty credit ratings on the Central Bank of Savings Banks
Finland Ltd from 'A-' with a negative outlook to 'BBB+' with a stable
outlook. However, the short-term rating of 'A-2' was maintained. The Central
Bank acts as the central credit rating agency for the Savings Bank Group.

Previous S&P's rating report was from April 2015.

In its rating report S&P considers that the EU's Bank Recovery and Resolution
Directive (BRRD), once implemented, reduces the predictability of government
support for systemically important commercial banks in the region. Hence S&P
reclassifies government support as "support uncertain" and removes notches of
extraordinary government support from the ratings on affected banks when
their governments fully implement BRRD into national law. Finland will
implement BRRD on Jan 1, 2016 and hence the uplift is removed from the
Central Bank of Savings Bank Finland Ltd as well.

Furthermore, S&P's report points out that despite the deteriorating economic
outlook of the Finnish central government, the positive expectations on
Savings Banks Group's profit development and strategy's functionality
improves the rating outlook to 'stable'.

CENTRAL BANK OF SAVINGS BANKS FINLAND PLC

Further information:
Teemu Salmi, Senior Communication Manager
teemu.salmi@saastopankki.fi

Central Bank of Savings Banks Finland Plc belongs to the Savings Banks
Amalgamation. The role of the Central Bank of Savings Banks Finland Plc is to
ensure the liquidity and borrowing activities of the Savings Banks Group. It
acquires funds and operates in the money markets and capital markets on
behalf of the Group as well as manages payment transfers. The Central Bank
also manages the internal balancing of the Group's liquidity.

Read more:www.spkeskuspankki.fi,www.saastopankki.fi

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Säästöpankkien Keskuspankki Suomi Oyj via Globenewswire

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