Moody’s: PKO Bank note program A3

Moody's Investors Service said it assigned ratings to Powszechna Kasa Oszczednosci Bank Polski SA's (PKO Bank) euro medium-term note program, based on the prospectus dated July 10, which allows issuance up to €3 billion.

The provisional long-term domestic and foreign currency senior unsecured rating assigned to the senior notes of the program is provisional A3, and the short-term equivalents for domestic and foreign currency are provisional P-2.

No subordinate ratings were assigned to the program.

Moody’s said the ratings take into account PKO Bank's baa2 baseline credit assessment (BCA) and Adjusted BCA, loss-given-failure assumptions under Moody's Advanced Loss Given Failure (LGF) analysis, and the agency's assessment of a moderate probability of government support.

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