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Report 6/2013: Bank's ratings confirmed by Fitch Ratings
Management Board of Bank Polska Kasa Opieki S.A. ("Bank") informs that on 30 January 2013 rating agency Fitch Ratings ("Fitch") informed about affirming Bank's ratings at unchanged levels.
In the result ratings of the Bank are as follows:
Long-term foreign currency IDR: 'A-'; Outlook: Stable
Short-term foreign currency IDR: 'F2';
Viability Rating: 'a-';
Support Rating: '2'.
In justification among other it was stated that:
Bank Pekao S.A.'s ratings reflect the bank's stable and diversified funding base, ample capitalisation and strong franchise as well as consistency in conservative credit and market risk management. These factors have made Bank Pekao S.A. more resilient to the deterioration in the operating environment during the crisis compared with peers, and in Fitch's view give the bank sufficient flexibility to accommodate any negative impact from the slowing Polish economy.
The affirmation of Bank Pekao S.A.'s '2' Support Rating reflects Fitch's view that even after the successful closing of the offer to sell the 9.1% stake in Bank Pekao S.A announced on 29 January 2013, UniCredit S.p.A. (UC; 'A-'/Negative) will remain a majority shareholder and will continue to have a high propensity to provide support to Bank Pekao S.A., given the strategic importance of Polish banking operations to UC.
Legal basis: section 5 subsection 1 clause 26 Finance Minister's 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
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