Bank Pekao S.A. financial credibility ratings

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Bank Pekao S.A. co-operates with three leading ratings agencies: Fitch Ratings, Standard and Poor's Ratings Services, and Moody's Investors Service. In the case of the first two, the ratings are provided on a solicited basis under relevant agreements, and with respect to Moody's Investors Service, the ratings are unsolicited and they are based on publicly available information and review meetings.

As at December 31, 2014, Bank Pekao S.A.'s creditworthiness was rated as follows:

FITCH RATINGS

BANK PEKAO S.A.

POLAND

Long-term rating (IDR)

A-

A-

Short-term rating

F2

F2

Viability rating

a-

-

Support rating

2

-

Outlook

Stable

Stable

Standard and Poor’s RATINGS SERVICES

BANK Pekao S.A.

Poland

Long-term rating

BBB+

A-

Short-term rating

A-2

A-2

Stand-alone credit profile

bbb+

-

Outlook

Stable

Stable (*)

Moody’s Investors Service Ltd.

BANK Pekao S.A.

Poland

(unsolicited rating)

 

 

Long-term foreign-currency deposit rating

A2

A2

Short-term deposit rating

Prime-1

Prime-1

Financial strength

C-

-

Outlook

Negative

Stable / Negative (**)

(*) On February 6, 2015 agency Standard and Poor's upgraded ratings Outlook for Poland to Positive, inter alia due to the economic growth leading to a convergence of Polish incomes with the European Union countries, stable public finances and moderate external financing needs.
(**) Stable for Poland’s economy and Negative for the Polish banking sector.

Bank Pekao S.A. has the highest Viability rating assigned by Fitch Ratings, the highest Stand-Alone Credit Profile rating assigned by Standard & Poor's Rating Services and the highest Financial strength rating assigned by Moody's Investors Service among banks rated by these agencies in Poland.

Fitch Ratings agency assigned the "A" rating to the covered bonds issued by Pekao Bank Hipoteczny S.A., a 100% subsidiary of Bank Pekao S.A. It is the highest rating ever awarded to the Polish debt securities issued by a private company. The reasons underlying the Agency's decision included the high rating assigned to Pekao Bank Hipoteczny S.A. (A-), legal regulations pertaining to the covered bonds collateral register, and the excess of collateral over the volume of bonds in issue, as declared by the bank. The high rating assigned to the covered bonds confirms Pekao Bank Hipoteczny's ability to issue securities offering a high level of security and raise long-term capital to fund its lending activity. In September 2014, during the last revision of rating the outlook for covered bonds was changed from Positive to Stable.