Moody's rates Powszechna Kasa Oszczednosci Bank Polski Aa2

Moody's Investors Service said it assigned a senior unsecured rating of Aa2, subordinated debt rating of Aa3 and short-term debt rating of prime-1 to the €3 billion loan participation note program established by Powszechna Kasa Oszczednosci Bank Polski SA. It has a bank financial strength rating of C and a local-currency deposit rating of Aa2/prime-1.

The outlook is stable.

The bank benefits from an uplift based on the high probability of support from the Polish authorities in case of need. The bank's main shareholder is the Polish state treasury with 51.49% stake, Moody's said.

The planned issuances under this program will not materially change the funding profile of this institution, the agency said.

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