S&P lifts Pekao, off positive watch

Standard & Poor's said it raised its long-term local currency counterparty credit rating on Bank Polska Kasa Opieki SA (Pekao) to A- from BBB and its long-term foreign currency counterparty credit rating to BBB+ from BBB.

At the same time, the ratings were removed from CreditWatch, where they had been placed with positive implications on June 30, S&P said, adding the A-2 short-term ratings on the bank were also affirmed.

The outlook on the local currency ratings is stable and the outlook on the foreign currency ratings is positive.

The agency said the upgrade reflects Pekao's increasingly long-term strategic importance to UniCredito Italiano SpA (AA-/Watch negative/A-1+) as the cornerstone of UniCredito's New Europe Division, operating in the strategically key markets of Central and Eastern Europe.

© 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.