Fitch lowers Bank Pekao

Fitch Ratings said it downgraded Bank Pekao SA's long-term issuer default rating to BBB+ from A-.

The outlook is stable.

Pekao's viability rating also was downgraded to BBB+ from A-.

The downgrades are driven by the downgrade of the bank's viability rating.

The downgrades also consider the decline of the bank's core capital ratio to a level, which is broadly similar to peers and no longer sufficient to support Pekao's viability rating being above most of those peers, Fitch said.

The ratings are driven by the bank's intrinsic strength, the agency said.

The stable outlook reflects expectations of little change to its own intrinsic creditworthiness in the near term, Fitch 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.