Moodys.com
Close
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

Moody's reviews eight banks in Poland for possible downgrade

26 May 2009

London, 26 May 2009 -- Moody's Investors Service has placed the ratings of eight Polish banks on review for possible downgrade. The affected entities are Powszechna Kasa Osczednosci Bank Polski , Bank Polska Kasa Opieki, Bre Bank, Bre Bank Hipoteczny, Bank Zachodni WBK, Bank Gospodarki Zywnosciowej, Lukas Bank, Europejski Fundusz Leasingowy. The outlook for the long-term deposit ratings of ING Bank Slaski was changed to negative from stable.

The deposit ratings of Bank Handlowy w Warszawie (A3/P-2/C-) and Bank Millennium (A3/P-2/D) were already placed on review for downgrade following rating actions on their parents in March and April 2009, respectively. All ratings of Bank BPH (Baa2/P-2/D-) remain on review for possible upgrade pending the merger with GE Money Polska. The ratings of Getin Bank (Ba3/NP/D-), which are already on negative outlook, were not affected by this rating action. The full list of rating actions can be found below.

As regards the Bank Financial Strength Ratings (BFSR) that were put on review, Moody's noted that with the Polish economy entering a downturn the likelihood of increased number of corporate defaults is rising and therefore the losses in bank's corporate loan portfolios are expected to grow. In the meantime rising unemployment and the decline in house prices are expected to result in increased losses also in the retail portfolios. These losses are expected to weaken the capital positions of most Polish banks over the next two years. Moody's said that it has been incorporating expected losses on bank loan portfolios into its ratings for some time. However, it has considerably increased the level of expected losses because of the continuing deterioration in the Polish operating environment.

Commenting on the rating actions on deposit and debt ratings Moody's noted that most governments are at least as likely, if not more likely, to support their banking systems as they are to service their own debts -- a view that has traditionally led to bank ratings often benefiting from significant uplift due to systemic support. However, as the financial crisis wears on, the capacity of a country and its central bank to support the nation's banks converges with, and is constrained by, the government's own debt capacity. As such, Moody's will be reassessing the level of systemic support for the banks listed above to determine whether the systemic support they receive needs to be more closely aligned to the government's local currency bond rating. For more information, see Moody's recent report "Financial Crisis More Closely Aligns Bank Credit Risk and Government Ratings in Non-Aaa Countries" available on www.moodys.com.

Moody's said that it will review the specific circumstances of Poland to determine the appropriate systemic support for Polish bank ratings and the implications for the banks that have been identified as being potentially affected. Factors that the rating agency will consider in its assessment of systemic support include the size of the banking system in relation to government resources, the level of stress in the banking system, the foreign currency obligations of the banking systems relative to the government's own foreign exchange resources, and changes to government political patterns and priorities.

Finally, given the more difficult operating environment faced by the Polish banks, and indeed in many cases by their foreign parents, Moody's will also evaluate if the currently used support assumptions , where applicable, appropriately reflect the parent's willingness and ability to support their Polish subsidiaries. However, the impact on ratings from the reassessment of the parental support input is likely to be limited.

Powszechna Kasa Osczednosci Bank Polski (PKO BP)

Moody's placed on review for possible downgrade the C BFSR of PKO BP. Although the bank has a dominant retail position and diversified loan book, the recent rapid growth rates in FX mortgages remain a cause for concern.

The long-term debt ratings of Aa2 and local currency deposit rating of Aa2 were also placed on review for possible downgrade due to the reassessment of the level of systemic support. The long-term foreign currency deposit rating of A2 and the short-term debt and deposit ratings of P-1 were affirmed.

Bank Polska Kasa Opieki (Pekao)

Moody's placed on review for possible downgrade the C BFSR of Pekao. Even though the bank is not exposed to FX risk to the same extent as other banks and maintains high capital adequacy ratios we expect that due to its corporate profile Pekao's financial fundamentals could be negatively influenced by the economic downturn.

The bank's Aa3 local currency deposit ratings was also placed on review for possible downgrade due to the reassessment of the level of systemic support. The long-term foreign currency deposit rating of A2 and the short-term rating of P-1 were affirmed.

Bre Bank

Moody's placed on review for possible downgrade the A3 long-term deposit ratings of Bre Bank due to the reassessment of the level of systemic support. The D BFSR and the short-term rating P-2 were affirmed. Although we note that Bre Bank's Tier1 ratio is lowest among the rated peers, we consider that the current BFSR is sufficiently low to accommodate a reasonable degree of volatility in its financial fundamentals.

Bre Bank Hipoteczny

Moody's placed on review for possible downgrade the D- BFSR of Bre Bank Hipoteczny. Given its profile as a specialized commercial mortgage lender Moody's expects a larger degree of negative impact from the deteriorating Polish real-estate market compared to more diversified banks.

Moody's however said that it considers that the bank enjoys a strong support from its ultimate parent (Commerzbank AG rated at Aa3/P-1/C-) and the long-term and short-term deposit ratings of Baa3/P-3 should be resilient in case of the volatility in the BFSR and therefore were affirmed with a stable outlook.

Bank Zachodni WBK

Moody's placed on review for possible downgrade the C- BFSR of Bank Zachodni WBK. The bank's profitability is expected to be negatively influenced by the current economic downturn. Moody's also notes a larger portion of exposure to the commercial real estate market in the bank's loan book. The local and foreign currency deposit ratings of A2/P-1 were placed on review for possible downgrade due to the reassessment of the level of systemic support as well as potential negative pressure due to the volatility of the BFSR.

Bank Gospodarki Zywnosciowej (BGZ)

Moody's placed on review for possible downgrade the local and foreign currency deposit deposit ratings of A2/P-1 of BGZ. The bank deposit ratings could be negatively impacted due to the reassessment of the level of systemic support. The D BFSR was affirmed since in Moody's opinion it is currently well placed to reflect BGZ's focused franchise on agribusiness and reasonable financial fundamentals.

Lukas Bank

Moody's placed on review for possible downgrade the C- BFSR of Lukas Bank. As a specialized consumer lender which experienced fast growth in its loan portfolio Lukas Bank is likely to be affected by the deteriorating environment. We estimate that a possible downgrade in the BFSR will put local and foreign currency deposit ratings of A2/P-1 under pressure, which were also placed on review for possible downgrade.

Europejski Fundusz Leasingowy (EFL)

Moody's placed on review for possible downgrade the issuer rating A2 of EFL. The financial fundamentals of the largest leasing company in Poland are expected to be affected by the deteriorating operating environment and increasing delinquencies in the Polish leasing market.

ING Bank Slaski

Moody's changed the outlook on long-term deposit rating A2 to negative from stable. Other ratings were not affected. Moody's notes that in light of the reassessment of the level of systemic support the negative outlook on the parent's BFSR (ING Bank NV rated at Aa3/P1/C+) is likely to take precedent and influence ING Slaski's long-term deposit rating.

PREVIOUS RATING ACTION AND PRINCIPAL METHODOLOGIES

Moody's last rating action on Powszechna Kasa Osczednosci Bank Polski was on 15 September 2008 when Moody's assigned Aa2/Aa3/P-1 to PKO BP SA's EUR3 billion Loan Participation Note Programme.

Headquartered in Warsaw, Poland, Powszechna Kasa Osczednosci Bank Polski reported consolidated IFRS net income of PLN3.1 billion (EUR757.9 million) in 2008 and total assets of PLN134.6 billion (EUR32.7 billion) as of 31 December 2008.

Moody's last rating action on Bank Polska Kasa Opieki was on 6 November 2008 when Moody's changed the outlook on the BFSR of C to stable from positive given the worsening macroeconomic climate in Poland.

Headquartered in Warsaw, Poland, Bank Polska Kasa Opieki reported consolidated IFRS net income of PLN3.5 billion (EUR1 billion) in 2008 and total assets of PLN131.9 billion (EUR32 billion) as of 31 December 2008.

Moody's last rating action on Bre Bank was on 2 March 2009 when Moody's downgraded long-term deposit ratings to A3 from A2. The rating action was triggered by downgrade of the BFSR rating of parent bank Commerzbank AG (Aa3/P-1/C-)

Headquartered in Warsaw, Poland, Bre Bank reported consolidated IFRS net income of PLN857 million (EUR208.1 million) in 2008 and total assets of PLN82.6 billion (EUR20.1 billion) as of 31 December 2008.

Moody's last rating action on Bre Bank Hipoteczny was on 2 March 2009 when Moody's downgraded long-term deposit ratings to Baa3 from Baa1. The rating action was triggered by downgrade of the BFSR rating of parent bank Commerzbank AG (Aa3/P-1/C-)

Headquartered in Warsaw, Poland, Bre Bank Hipoteczny reported consolidated IFRS net income of PLN43 million (EUR10.4 million) in 2008 and total assets of PLN4.7 billion (EUR1.1 billion) as of 31 December 2008.

Moody's last rating action on Bank Zachodni WBK was on 12 February 2009 when Moody's downgraded long-term deposit ratings to A2 from A1. The rating action was triggered by downgrade of the BFSR rating of parent bank Allied Irish Banks (Aa3/P-1/D)

Headquartered in Warsaw, Poland, Bank Zachodni WBK reported consolidated IFRS net income of PLN855 million (EUR207.6 million) in 2008 and total assets of PLN57.8 billion (EUR14.1 billion) as of 31 December 2008.

Moody's last rating action on Bank Zachodni WBK was on 12 February 2009 when Moody's downgraded long-term deposit ratings to A2 from A1. The rating action was triggered by downgrade of the BFSR rating of parent bank Allied Irish Banks (Aa3/P-1/D)

Headquartered in Warsaw, Poland, Bank Zachodni WBK reported consolidated IFRS net income of PLN855 million (EUR207.6 million) in 2008 and total assets of PLN57.8 billion (EUR14.1 billion) as of 31 December 2008.

Moody's last rating action on Bank Gospodarki Zywnosciowej was on 3 April 2007 when Moody's implemented refinement of JDA methodology.

Headquartered in Warsaw, Poland, Bank Gospodarki Zywnosciowej reported consolidated IFRS net income of PLN213 million (EUR51.7 million) in 2008 and total assets of PLN24.1 billion (EUR5.8 billion) as of 31 December 2008.

Moody's last rating action on Lukas Bank was on 4 February 2009 when Moody's downgraded local currency deposit rating downgraded to A2 from A1 following rating action on its parent Credit Agricole S.A. (Aa1/P-1B-).

Headquartered in Wroclaw, Poland, Lukas Bank reported consolidated IFRS net income of PLN234 million (EUR56.8 million) in 2008 and total assets of PLN11.3 billion (EUR2.7 billion) as of 31 December 2008.

Moody's last rating action on Europejski Fundusz Leasingowy was on 4 February 2009 when Moody's downgraded issuer rating to A2 from A1 following rating action on its parent Credit Agricole S.A. (Aa1/P-1B-).

Headquartered in Wroclaw, Poland, Europejski Fundusz Leasingowy reported consolidated IFRS net income of PLN110 million (EUR26.7 million) in 2008 and total assets of PLN6.2 billion (EUR1.5 billion) as of 31 December 2008.

Moody's last rating action on ING Bank Slaski was on 28 January 2009 when Moody's downgraded local currency deposit rating downgraded to A2 from A1 following rating action on its parent ING Bank N.V. (Aa3/P-1/C+).

Headquartered in Katowice, Poland, ING Bank Slaski reported consolidated IFRS net income of PLN445 million (EUR108.1 million) in 2008 and total assets of PLN69.6 billion (EUR16.9 billion) as of 31 December 2008.

The principal methodologies used in rating these banks were "Bank Financial Strength Ratings: Global Methodology" (February 2007) and "Incorporation of Joint-Default Analysis into Moody's Bank Ratings: A Refined Methodology" (March 2007), which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory.

Milan
Henry MacNevin
Senior Vice President
Financial Institutions Group
Moody's Investors Service
Telephone:+39-02-9148-1100

London
Irakli Pipia
Asst Vice President - Analyst
Financial Institutions Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's reviews eight banks in Poland for possible downgrade
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​​​
Moodys.com