Fitch lowers Bank Gospodarstwa

Fitch Ratings said it downgraded Bank Gospodarstwa Krajowego's long-term local-currency issuer default rating to A- from A and affirmed its national ratings.

The outlook is stable.

The downgrade follows a similar downgrade of Poland's long-term local-currency issuer default rating to A- from A.

The agency also said it upgraded the national long-term ratings on Bank Millennium, Bank Zachodni WBK SA, Eurobank SA, Pekao Bank Hipoteczny SA and Europejski Fundusz Leasingowy SA.

The upgraded national ratings were driven by the recalibration of the national rating scale for Poland due to the change in the sovereign's long-term local-currency issuer default rating, Fitch said.

The long-term foreign-currency issuer default ratings and viability ratings of all of these entities remain unaffected by these rating actions, the agency said.

Bank Gospodarstwa’s ratings are equalized with the sovereign rating and reflect a view of an extremely high probability of support from the Polish state, if needed, Fitch said.

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