Rating of PKO Bank Polski SA
In 2017, the creditworthiness of PKO Bank Polski was assessed by Moody’s Investors Service rating agency which awards a paid rating to the Bank, in accordance with its own bank assessment procedure.
On 16 May 2017, Moody’s Investors Service rating agency published a press release on its website at www.moodys.com, in which it notified of changing the outlook to stable from negative on the Bank’s long-term deposit ratings, and affirming the Bank’s ratings of long- and short-term deposits on the A2/P-1 level. Moody’s also notified that the Bank’s other ratings were unaffected.
The Bank’s long-term deposit rating outlook was increased as a result of a similar increase in the outlook of Poland’s rating, announced on 12 May 2017.
In accordance with the press release:
- A2 long-term deposit rating was affirmed, while the outlook was changed to stable from negative;
- P-1 short-term deposit rating was affirmed;
- A3 senior unsecured debt rating remained unaffected with a stable outlook;
- (P)A3 MTN program rating remained unaffected;
- (P)P-2 other short term program rating remained unaffected;
- A2(cr)/P-1(cr) Counterparty Risk Assessment (CR assessment) remained unaffected.
On 19 December 2017, Moody’s notified of affirming the Bank’s long- and short-term deposit ratings of “A2” and “Prime-1” respectively. The stable outlook for the long-term deposit rating and the Bank’s financial strength rating was affirmed. Moody’s also notified that the remaining ratings of the Bank were unaffected. The rating action taken by Moody’s was driven by greater clarity, in the agency’s opinion, on the legislative proposal regarding foreign currency mortgages at Polish banks, and Moody’s assessment that the potential costs associated with the draft legislation will be manageable for the banks.
Ratings as at 31 December 2017 (paid rating)
| Moody’s Investors Service | |
|---|---|
| Long-term deposit rating | A2 with the stable outlook |
| Short-term deposit rating | P-1 |
| Senior unsecured debt rating | A3 with stable outlook |
| MTN programme rating | (P)A3 |
| Other short-term programme rating | (P)P-2 |
| Counterparty risk assessment - long-term | A2(cr) |
| Counterparty risk assessment - short-term | P-1(cr) |
Rating of PKO Bank Hipoteczny SA
As at the end of 2017, PKO Bank Hipoteczny SA had the following ratings granted by Moody’s Investors Service rating agency (paid rating):
- Baa1 long-term issuer rating with a stable outlook and Prime-2 short-term issuer rating, granted on 7 September 2015, and affirmed on 19 December 2017;
- A3(cr) long-term Counterparty Risk Assessment and Prime-2(cr) short-term Counterparty Risk Assessment, granted on 7 September 2015, and affirmed on 19 December 2017;
- Aa3 rating for PLN mortgage bonds issued by PKO Bank Hipoteczny SA, granted on 11 December 2015 and affirmed upon each issue;
- Aa3 rating for EUR mortgage bonds issued by PKO Bank Hipoteczny SA, granted on 24 October 2016 and affirmed upon each issue.
Rating of the PKO Leasing SA Capital Group
As at 31 December 2017, bonds issued by ROOF Poland Leasing 2014 DAC, special purpose vehicle established within the PKO Leasing SA Capital Group for the purposes of the asset securitization programme, had the following ratings (paid rating):
- A1 and A2 bonds issued in December 2014 and in December 2015 respectively – AA rating granted by Fitch and AAA rating granted by Scope;
- B bonds issued in December 2015 – BBB rating granted by Fitch and BBB+ rating granted by Scope.
Ratings for all class bonds were updated for the last time in November 2017.