S&P: Powszechny unchanged

Standard & Poor's said its A- long-term counterparty credit and insurer financial strength ratings on Powszechny Zaklad Ubezpieczen SA and Powszechny Zaklad Ubezpieczen na Zycie SA, core entities of PZU, are unaffected by the dismissal of the group's CEO, Jaromir Netzel.

According to S&P, Netzel was dismissed last week and Agata Rowinska, vice-chairman of the supervisory board of PZU SA, was appointed CEO of PZU SA today.

The negative outlook continues to reflect our concern at discontinuity of the management board and uncertainty about shareholder influence on the group, the agency noted.

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