S&P lowers PKO bank

Standard & Poor’s said it lowered the long-term counterparty credit rating on Powszechna Kasa Oszczednosci Bank Polski (PKO) to BBB+ from A-.

The outlook is negative.

The agency also said it affirmed the bank’s A-2 short-term counterparty credit rating.

S&P said it no longer classifies the bank as a government-related entity since it no longer considers the bank to have a policy role in Poland, meaning it does not provide important public services or extend more favorable loans to specific sectors supporting government policies.

The bank operates as a commercial bank in a competitive environment, the agency said.

The government also is expected to further reduce its minority ownership stake in the bank, S&P said

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