21 Apr 2009 18:03
UNOFFICIAL TRANSLATION
April 17, 2009
Report 20/2009: Equalizing of Bank's ratings to the country level
Management Board of Bank Polska Kasa Opieki S.A. ("Bank") received on April 16, 2009 information that reflecting the downgrade of UniCredit SpA ratings, Fitch Ratings has verified ratings of the Bank in the following way:
1) long-term rating (IDR) from "A" to "A-"
2) short-term rating (IDR) from "F1" to "F2"
3) individual rating from "B/C" to "C"
Negative Outlook of Bank's ratings has been sustained.
Support rating affirmed at 1.
Bank's ratings continue to reflect its sound capitalisation and liquidity, strong franchise, stable and diversified funding base as well as low appetite for for credit and market risk.
In accordance with the above mentioned information Bank's ratings from Fitch Ratings are as follows:
Long-term IDR rating: A-
rating the risk of unpaid long-term liabilities of the Bank. The gradation scale for investment level: AAA, AA, A, BBB, and for speculative level: BB, B, CCC, CC, C, DDD, DD, D. The highest rating "AAA", the lowest rating "D" with the possibility to add "+" or "-".
Short-term IDR rating: F2
rating the risk of unpaid short-term liabilities of the Bank in gradation scale from the highest to the lowest: F1, F2, F3, B, C, D, with the possibility to add "+" or "-", depending on main rating category.
Individual rating: C
Individual rating in gradation scale from the highest to the lowest: A, B, C, D, E, and additionally can be applied: A/B, B/C, C/D and D/E.
Support rating: 1
The Support rating describes probability of external support for the bank - either by the state or by institutional owner, when the danger of being not able to meet liabilities by the bank is nearby. The gradation scale of Support rating is from the highest to the lowest: 1,2,3,4,5.
Outlook: Negative
Gradation scale: from Positive via Stable to Negative. Positive outlook means that there is possibility to upgrade the ratings in the future, Stable outlook means that the ratings will remain unchanged, and Negative outlook - that there is a possibility to downgrade the ratings.
Legal grounds:
Section 5 Subsection 1 Clause 26 RMF of the Minister of Finance Ordinance of 19 February 2009 re. current and periodic reports published by the issuers of securities and the rules of equal treatment of the information required by the laws of non-member states