17 Oct 2018 14:27
UNOFFICIAL TRANSLATION
2018.10.17 - Report 24/2018: Fitch Ratings update of Bank Pekao ratings and outlook
Bank Polska Kasa Opieki Spółka Akcyjna ("Bank") informs that on 17 October 2018 the rating agency Fitch Ratings ("Fitch") informed the Bank about the review of Bank's Long-Term IDR and Viability Ratings and the change of the Long-Term IDR Outlook from Negative to Stable.
As a result of the review, the following rating actions were taken by Fitch:
- Change of Long-Term IDR: from "A-" to "BBB+"
- Change of Outlook: from "Negative" to "Stable"
- Change of Viability Rating: from "a-" to "bbb+"
- Affirmed Short-term IDR: "F2"
- Affirmed Support Rating: "5"
- Affirmed Support Rating Floor: "No Floor"
The Long-Term IDR and VR of the Bank were changed as a result of stabilization of the capital position at the level commensurate with the domestic operating environment. The Bank maintains strong capital position measured on a regulatory and Fitch-based methodology.
In Fitch opinion the IDRs of the Bank are driven by the bank's intrinsic strength, which is reflected in its VR. According to Fitch, the Bank's rating strengths include well-established domestic market franchise, stable business model, conservative risk appetite, strong capitalisation, sound asset quality, solid profitability and robust funding and liquidity.
After this decision Bank's rating are as follows:
Long-term IDR: "BBB+";
Outlook: "Stable";
Short-term IDR: "F2";
Viability Rating: "bbb+";
Support Rating: "5";
Support Rating Floor: "No Floor"
Legal basis: Article 17 (1) of MAR - confidential information