Fitch: Bank Gospodarstwa Krajowego eurobonds A-

Fitch Ratings said it assigned an expected long-term foreign-currency of A- to Bank Gospodarstwa Krajowego’s planned debut issue of up to €500 million state-guaranteed senior eurobonds.

The rating on the notes is in line with the A- long-term foreign-currency issuer default rating on the Republic of Poland, Fitch said.

This reflects the unconditional and irrevocable state guarantee for the issue, which covers payments of both principal and accrued interest, the agency said, along with an expectation that the sovereign will honor the guarantee provided to noteholders fully and in a timely manner.

The state guarantee ranks pari passu with Poland’s other unsecured senior obligations, Fitch added.

The proceeds will be used to finance the National Road Fund, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.