S&P upgrades PZU

Standard & Poor's said it raised the long-term counterparty credit ratings on Powszechny Zaklad Ubezpieczen SA and Powszechny Zaklad Ubezpieczen na Zycie SA to A from A-.

The outlook is stable.

"The upgrade reflects Standard & Poor's view that the risk of major shareholder intervention in the running of PZU's operations has receded further and that there is evidence of progress in implementing key aspects of the group's modernization and restructuring strategy," S&P analyst Charis Adu-Kwapong said in a statement.

Ratings reflect the execution risk relating to the implementation of the growth and modernization strategy, the agency said.

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