Fitch turns Triodos outlook to negative

Fitch Ratings said it revised the outlook on Triodos Bank NV's outlook to negative from stable and affirmed the long-term issuer default rating at BBB. Fitch also affirmed Triodos’ €250 million of subordinated green tier 2 notes at BB+.

The revision of the outlook reflects the downside risks to Triodos's ratings from uncertainty about the impact on the bank's franchise and profitability from potential conduct-related costs. The latter could result from the petition submitted by a group of depositary receipt (DR) holders with the Enterprise Chamber of Amsterdam, which aims at opening an investigation into Triodos's potential mismanagement with regards to the process of listing its DRs,” the agency said in a press release.

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