Rating

Issuer rating

Since 2004, PZU and PZU Życie have been subject to regular reviews by S&P Global Ratings (S&P) agency. The credit rating assigned to PZU and PZU Życie results from an analysis of the financial information, competitive position, management and corporate strategy as well as country financial situation. It also includes a rating perspective (an outlook), namely, an assessment of the future position of the company in the event specific circumstances occur.

In 2018 no changes were made to PZU’s rating or outlook, while S&P Global Ratings twice affirmed the financial strength and creditworthiness ratings for PZU (25 June and 31 October) at A- with a stable outlook.

Sovereign rating

On 12 October 2018, S&P Global Ratings raised Poland’s rating to A- for long-term liabilities in foreign currencies and A/A-1 for long- and short-term liabilities in the local currency, respectively. The rating short-term liabilities in foreign currency remained constant in the S&P rating at A-2. 

Poland’s rating

PZU rating

Eurobond rating

On 20 June 2014, Standard & Poor’s assigned an A-rating to the unsecured Eurobonds issued by PZU Finance AB in October 2015. These bonds have been assimilated and now form a single series with the “tap” bonds with the nominal value of EUR 500 m issued by PZU Finance AB (publ) on 3 July 2014. On 12 October 2015, the S&P assigned an A-rating to the new issue. On 21 January 2016, the Eurobonds rating was cut to BBB+ (investment grade), which resulted from reduction of PZU issuer rating, which in turn was caused by sovereign rating downgrade.

Rating of the Eurobonds issued by PZU Finance AB (publ.)

Bank Pekao’s credit ratings

Bank Pekao cooperates with three leading rating agencies: Fitch Ratings, S&P Global Ratings and Moody’s Investors Service. In the case of the first two agencies, the ratings are provided on a solicited basis under relevant agreements and with respect to Moody’s Investors Service the ratings are unsolicited and they are based on publicly available information and review meetings.

On 31 December 2018 Bank Pekao’s ratings were as follows:

On 17 October 2018 Fitch Ratings lowered the IDR long-term rating from “A-” to “BBB+”; raised the IDR long-term rating outlook from “Negative” to “Stable” and lowered the Viability Rating (VR) from “a-” to “bbb+”. Fitch Ratings confirmed the Bank’s other ratings at unchanged levels.

On 16 July 2018 S&P Global Ratings introduced a new ratings category encompassing “Counterparty Rating in the event of a Forced Restructuring Process (RCR - Resolution Counterparty Rating)”.

On 15 October 2018 S&P Global Ratings affirmed Bank Pekao’s ratings and concurrently raised the Bank’s long-term rating in the category “Counterparty Rating in the event of a Forced Restructuring Process (RCR - Resolution Counterparty Rating)” from “BBB+” to “A-”. The short-term rating for liabilities under the RCR rating for the Bank was upheld at the level of “A-2”.

Rating Alior Banku

On 5 September 2013, Fitch Ratings Ltd. assigned a BB rating to Alior Bank, outlook stable. On 5 February 2018, Fitch Ratings Ltd. affirmed the issuer rating for Alior Bank S.A. at BB, while it changed the outlook from stable to positive. On 30 January 2019 Fitch Ratings lowered the Alior Bank’s ratings outlook to stable.