On Sept. 15, 2025, Finland-based Aktia Bank PLC (Aktia) announced that incoming CEO Carl Haglund will not be assuming the role. This follows the resignation of former CEO Aleksi Lehtonen in June 2025, after less than a year in the position, and recurring changes of top executive roles over the past two years. In our base case we assume that Aktia will maintain business continuity without any negative franchise spillover, we however think that there is a risk that these episodes may indicate a larger divide that could negatively affect the bank's business or risk position. Therefore, we revised our outlook on Aktia to negative from stable and affirmed our 'A-/A-2' long- and short-term issuer credit ratings. The negative outlook
