S&P lowers Powszechny Zaklad Ubezpieczen outlook to negative

Standard & Poor's said it revised its outlook on Powszechny Zaklad Ubezpieczen SA and Powszechny Zaklad Ubezpieczen na Zycie SA (PZU) to negative from stable.

At the same time, the A- long-term counterparty credit and insurer financial strength ratings were affirmed, the agency noted.

S&P said that the outlook revision follows the unexpected dismissal of Cezary Stypulkowski, former CEO of PZU since 2003 and what this means for financial strategies and restructuring plans.

The ratings are supported by the group's strong competitive position and very strong operating performance, the agency said, noting that the ratings are constrained, however, by PZU's limited ability to invest in assets of stronger credit quality or appropriate duration.

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