OREANDA-NEWS. MDM Bank announces the termination of its collaboration with Fitch Ratings. The rating contract between MDM Bank and Fitch Ratings expired on December 31, 2012, and the Bank resolved not to renew the contract for 2013. MDM Bank is maintaining its rating relationships with Standard&Poor’s and Moody’s.

Following the decision in 2012 to suspend relations with Fitch the necessary formal notification was given to the agency. This termination has now come into effect, having passed through all requisite approval procedures.

“In the current conditions, MDM Bank does not have the need for maintaining ratings from all three leading international rating agencies, and therefore the bank decided to suspend its collaboration with Fitch Ratings. The last rating action on MDM Bank taken by this agency occurred in the middle of 2012, and no official exchange of actual information between the bank and the agency has taken place since,” Tina Kukka, the CFO of MDM Bank, commented. “To receive a valid rating appraisal of MDM Bank, we recommend referring to the assessments published by Standard&Poor’s and Moody’s Investors Service, whose rating reports were updated at the end of 2012. We respect and appreciate the professionalism of our colleagues from Fitch Ratings and express our gratitude for their cooperation during the past years.”