3rd Oct 2008 15:58
UNOFFICIAL TRANSLATION
(October 2, 2008)
Report 79/2008: Affirmation of Bank Pekao SA ratings and change of the outlook.
Management Board of Bank Polska Kasa Opieki Spółka Akcyjna ("Bank") informs that on the 2nd of October 2008, the Ratings Agency Fitch has confirmed Bank Pekao S.A. ratings and has changed the Outlook from "Positive" to "Negative" in connection to change of the Outlook of UniCredit's S.p.A. from "Positive" to "Negative".
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: F1
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: B/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
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