Fitch affirms Bank Pekao

Fitch Ratings said it affirmed the ratings of Bank Pekao SA's at long-term A, short-term F1, individual C and support 1. The outlook is stable.

The agency said the long-term, short-term and support ratings of Pekao are based on the potential support available to the bank from its 53% owner, UniCredito Italiano (A+) while the individual rating reflects Pekao's strong market position and franchise, consistent profitability and high capitalization.

However, it also takes into account the still difficult operating environment in Poland, Fitch noted.

"Pekao has leveraged its strong market position to achieve a consistently high level of profitability," said Tim Beck of Fitch's Financial Institutions Group.

"The influence of its majority shareholder, UniCredito Italiano, has certainly been of benefit here by improving processes and products."

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