Fitch downgrades Pekao Bank Hipoteczny

Fitch Ratings said it downgraded Pekao Bank Hipoteczny SA's long-term issuer default rating to BBB+ from A- and national long-term issuer default rating to AA(pol) from AA+(pol).

The outlook is stable.

The downgrade reflects the recent downgrade of parent bank, Bank Pekao SA's long-term issuer default rating to BBB+ from A-, Fitch said.

The ratings on Pekao Bank Hipoteczny are driven by institutional support from Pekao, its 100% owner, the agency said.

Pekao Bank Hipoteczny is strategically important for Bank Pekao, Fitch said.

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