Fitch’s rating analysis was done as part of the regular annual review process.

According to Fitch, Triodos Bank's ratings primarily reflect its established niche franchise and business model in the sustainable banking segment, moderate risk profile, adequate asset quality and profitability. The ratings also consider Triodos Bank's solid capital ratios, as well as satisfactory funding profile and healthy liquidity. The Negative Outlook on Triodos Bank reflects the downside risks to Triodos Bank's ratings from uncertainty about the bank's ability to maintain profit levels and business volumes following legal proceedings initiated by some Depository Receipt (DR) Holders.

The rating confirms the relevance of Triodos Bank and the solidity of its capital position and funding profile. We will continue to engage with all stakeholders and our focus on the Bank's mission to make money work for positive change.