Core Insights - Oma Savings Bank Plc reported moderate results for Q3 2025 amid a challenging operating environment, with a focus on strengthening solvency [1][2][14] Financial Performance - The comparable profit before taxes for Q3 was EUR 16.1 million, down from EUR 27.6 million in the previous year, reflecting a decline in net interest income and increased operating expenses [4][16] - Net interest income decreased by 23.2% in Q3, totaling EUR 40.2 million, primarily due to a smaller loan portfolio and reduced market interest rates [6][17] - Total operating income for Q3 decreased by 17.2%, while total operating expenses increased by 19.3% year-on-year [17] - The cost/income ratio for Q3 was 51.1%, compared to 43.4% in the previous year, indicating increased operational costs [17] Loan and Deposit Portfolio - The mortgage loan portfolio decreased by 3.7%, and the corporate loan portfolio decreased by 17.9% year-on-year, attributed to divestments and a controlled winding down of high-risk customers [7][17] - The deposit portfolio saw a slight decrease of 0.7% over the past year, with fluctuations in corporate customer deposits impacting the overall balance [17] Risk Management and Compliance - The company is actively working on risk management and internal operating model development, with costs related to compliance initiatives recorded at EUR 1.7 million for Q3 [3][17] - Impairment losses on financial assets decreased by 23.8% in Q3, totaling EUR -10.1 million, although challenges remain in the SME sector due to economic conditions [7][17] Customer Satisfaction and Service Expansion - Oma Savings Bank maintains a strong customer-centric approach, ranking third in private customer satisfaction according to the latest EPSI Rating bank survey [9][10] - The bank expanded several branches to enhance accessibility and meet customer demand, reinforcing its commitment to personal banking services [8] Capital Position - The total capital ratio strengthened to 19.2% at the end of September, up from 15.6% the previous year, indicating a solid financial position [14][16] - The Common Equity Tier 1 (CET1) capital ratio reached 18.2%, exceeding the regulatory minimum by 8.9 percentage points [14] Outlook - The company has lowered its earnings guidance for 2025, anticipating continued high costs due to investments in risk management and quality processes [17][20] - The expected comparable profit before taxes for 2025 is projected to be between EUR 50-65 million, down from EUR 86.7 million in 2024 [20]

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Core Viewpoint - S&P Global Ratings has downgraded AFL's credit rating to A+/A-1 with a stable outlook, following a similar downgrade of France's sovereign credit rating, effective October 21, 2025 [2][4]. Group 1: Rating Changes - AFL's rating was revised from AA-/A-1+ (negative outlook) to A+/A-1 (stable outlook) [2]. - The downgrade of AFL's deeply subordinated notes intended to qualify as additional Tier 1 (AT1) capital was from A- to BBB+ [4]. Group 2: Business Model and Financial Position - AFL's rating is linked to the French sovereign due to its business model, which focuses exclusively on financing French local authorities [4]. - The bank's intrinsic credit profile remains unchanged at "aa-" and its financial position is solid [4]. - AFL has a robust business model, high liquidity, and prudent financial policies [7]. Group 3: Company Overview - AFL is the only French bank fully owned by local authorities, created to provide tailored financing for local investments while promoting sustainable finance practices [5]. - Since its launch in 2015, AFL has granted nearly €11.5 billion in loans, including €2 billion in 2024, and currently has 1,131 shareholders [5].

Core Points - KBRA affirms the senior unsecured debt rating of BBB for Farmers National Banc Corp. [1] - The subordinated debt rating is affirmed at BBB- and the short-term debt rating is K3 for Farmers National Banc Corp. [1] - For its subsidiary, The Farmers National Bank of Canfield, KBRA affirms the deposit and senior unsecured debt ratings of BBB+ [1] - The subordinated debt rating for the subsidiary is affirmed at BBB and the short-term deposit and debt ratings are K2 [1] - The Outlook for all ratings is stable [1]

Core Viewpoint - The shutdown of the U.S. government poses additional risks to the country's credit rating, which is already under threat of downgrade according to European rating agency Scope [1][2]. Group 1: Credit Rating Implications - Scope currently rates the U.S. at 'AA' with a 'negative outlook', indicating concerns over political polarization and its impact on creditworthiness [1]. - The unconventional policy approach of the current administration is seen as detrimental to the U.S. governance system's checks and balances, which negatively affects the sovereign rating [2]. Group 2: Political Risks - The risk of a U.S. default due to political disputes is increasing, although still considered unlikely; such an event would have significant repercussions [2]. - As political divisions deepen, the likelihood of reaching key policy compromises by debt limit deadlines diminishes [3]. Group 3: Fiscal Outlook - Despite a $5 trillion increase in the debt ceiling, further increases will likely be necessary by 2028 due to a weak fiscal outlook [4]. - Scope projects that the U.S. budget deficit will remain around 6%, with the debt-to-GDP ratio expected to rise to 127% over the next five years [4].

Core Points - The U.S. government has shut down due to a failure to reach an agreement on a temporary spending bill, primarily over health care tax credits [2] - Lawmakers are engaging in blame games, with President Trump criticizing Democrats for their negotiation stance [3] - The shutdown is expected to delay the release of key economic data, including nonfarm payrolls, which could influence the Federal Reserve's decisions [4] Group 1: Economic Impact - The shutdown may not significantly impact the real economy in the long term, as historical shutdowns have shown a tendency for conditions to revert post-shutdown [5] - However, this shutdown could lead to strategic changes from both political parties, with Republicans and Democrats aiming to leverage the situation for legislative gains [6] Group 2: Market Reactions - Prolonged shutdowns could raise concerns about the credit quality of U.S. debt, potentially affecting Treasury prices and increasing yields [7] - Moody's has previously downgraded the U.S. credit rating and indicated that further downgrades could occur if institutional effectiveness declines [7]

Core Viewpoint - CK Hutchison Holdings is in the process of a controversial ports divestment and has secured an upper medium-grade rating for its planned bond issuance, which may serve as a catalyst for a potential rating upgrade [1][3]. Group 1: Bond Issuance - Fitch Ratings assigned an A- rating to CK Hutchison's planned bond issuance, while S&P Global Ratings rated it an A [1]. - The size and pricing of the notes have not yet been determined, and the proceeds are expected to be used for refinancing and general corporate purposes [2]. Group 2: Company Profile and Financial Management - Fitch analysts noted that the rating reflects CK Hutchison's strong business profile, geographical diversification, prudent financial management, and stable cash flow from its high-quality port, retail, infrastructure, and telecommunications businesses [3]. - The firm's credit profile is anticipated to improve if the port asset sale is completed, although further details on the post-transaction capital structure are needed for a final assessment [4]. Group 3: Ports Divestment - The planned debt sale follows comments from CK Hutchison's co-managing director regarding a reasonable chance of reaching an agreement on the company's ports assets, which include two facilities on the Panama Canal [5]. - In March, CK Hutchison announced a US$23 billion sale of 43 overseas ports to a BlackRock-led consortium, which faced criticism due to geopolitical concerns [6]. - After the deal's deadline lapsed, CK Hutchison indicated it would invite a mainland Chinese firm to the consortium to address Beijing's concerns, with reports suggesting Cosco Shipping as a potential partner [6].

Core Viewpoint - AFL's long-term credit rating has been downgraded from AA- (negative outlook) to A+ (stable outlook) by Fitch Ratings, following a similar downgrade of the French government's rating [1][3]. Rating Summary - AFL's long-term rating is now A+ with a stable outlook, while its short-term rating remains unchanged at F1+ with a stable outlook [3]. - The downgrade is a direct result of Fitch Ratings' methodology linking the sovereign rating to AFL due to its business model focused on financing French local authorities [3]. Financial Situation - The downgrade does not indicate a deterioration in AFL's financial situation, which remains solid [4]. - AFL maintains a robust business model, high liquidity, and prudent financial policies [8]. Regulatory Impacts - Debt issued by AFL is classified as high-quality liquid assets (HQLA1) under the LCR Delegated Regulation, provided that loans to eligible RGLA exceed 90% of total outstanding loans [5]. - As of June 30, 2025, AFL's debt securities have a risk weighting of 30% for the calculation of risk-weighted assets under the standard approach [9]. Company Overview - AFL is a bank created by and for French local authorities, aiming to empower local governance and provide cost-efficient resources with transparency [11]. - The institution focuses on maximizing public spending rather than profit, supporting local authorities in addressing social, economic, and environmental challenges [11].

Core Viewpoint - The international credit ratings agency, S&P Global Ratings, has reaffirmed the Group's credit rating at 'BBB+' with a stable outlook [1] Group Summary - The Group is identified as "Ignitis grupė" [1] - The reaffirmation of the credit rating follows an annual review conducted by S&P Global Ratings [1]

Core Idea - S&P Global Ratings affirmed Oma Savings Bank Plc's credit ratings at BBB/A-2 but changed the outlook to negative due to an increase in nonperforming loans [1][2] Company Overview - Oma Savings Bank Plc is a solvent and profitable Finnish bank with approximately 600 professionals serving over 200,000 private and corporate customers through 48 branch offices and digital channels [3] - The bank focuses on retail banking operations and offers a wide range of banking services, including credit, investment, and loan insurance products, as well as mortgage banking [3] Customer Service Philosophy - The company aims to provide personal service and maintain a local presence for its customers through both digital and traditional channels [4] - OmaSp emphasizes premium customer experience through personal service and easy accessibility, with a commitment to customer-oriented development of operations and services [4] - A significant portion of the personnel owns shares in OmaSp, indicating employee investment in the company's success [4]