Fitch pares Bank Pekao, unit

Fitch Ratings said it downgraded its issuer ratings for Bank Pekao SA and its subsidiary Pekao Bank Hipoteczny SA to BBB from BBB+ and their national long-term ratings to AA-(pol) from AA(pol) and removed them from rating watch negative.

The decision to lower Bank Pekao’s rating was driven by the downgrade of the Polish operating environment score to bbb from bbb+ and the view that it limits Pekao's overall credit profile, given its broad exposure to Poland’s operating environment, Fitch said.

The downgrade for Pekao Bank Hipoteczny reflects the parent’s downgrade, the agency said.

The outlook is stable.

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