12th Dec 2008 16:04
UNOFFICIAL TRANSLATION
(December 11, 2008)
Report 104/2008: Bank's ratings affirmed by Standard & Poor's
Management Board of Bank Polska Kasa Opieki S.A. ("Bank") received information that on 10th of December, 2008 Standard & Poor's Ratings Services has affirmed following ratings of the Bank: 1) long-term rating "A" 2) short-term rating "A-1" The ratings of the Bank have Stable Outlook. "The ratings on Pekao reflect its long-term importance as a core subsidiary of Italy-based UniCredito Italiano SpA (A+/Negative/A-1), for which it acts as a cornerstone of activities in the strategically key markets of Central and Eastern Europe. The ratings are also supported by robust capitalization and good financial performance" - as among others it had been stated in Rationale.The gradation scale of ratings applied by Standard & Poor's Ratings ServicesLong-term ratings - Rating of capability to pay 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. ("AAA" is the highest rating, "D" is the lowest rating). Gradation scale of Outlook 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. Short-term ratings - Rating of capability to pay short-term liabilities of the Bank. The gradation scale: A-1, A-2, A-3, B, C. ("A-1" is the highest and "C" is the lowest rating). Legal basis: Section 5 subsection 1, clause 26 of the Ordinance of the Minister of Finance, dated 19 October 2005 re: current and periodical information submitted by the issuers of securities
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