Current Report no. 28 (2015)
Fitch Rating Agency upgraded VR of Bank Zachodni WBK SA.
The Management Board of Bank Zachodni WBK S.A. hereby publishes the rating decision issued by Fitch Agency.
On 23rd November 2015Fitch Ratings has affirmed the Long-term Issuer Default Rating (IDR) of Bank Zachodni WBK (BZ WBK). The Viability Rating (VR) of BZ WBK was upgraded to 'bbb+' from ' bbb'.
The rating actions are as follows:
BZWBK
Long-term IDR: affirmed at 'BBB+', Outlook Stable
Short-term IDR: affirmed at 'F2'
Viability Rating: upgraded to 'bbb+' from 'bbb'
Support Rating: affirmed at '2'
National Long-term rating: affirmed at 'AA-(pol)', Outlook Stable
Senior unsecured debt: affirmed at 'AA-(pol)'
The Support Rating of BZWBK Issuer Default Rating (IDR) reflects Fitch's view on potential support from the bank's shareholder. In Fitch's opinion, there is high probability of support for BZ WBK. The bank's majority owner is, Banco Santander S.A. (Santander, A- /Stable/a-).
Fitch believes that BZ WBK is strategically important subsidiary for its parent and that continued parent support will provide a floor for bank's Long-term IDR at one notch below that of its parent.
The IDRs and Long-term National rating of BZ WBK are underpinned by the bank’s VR, which is currently at the same level as the support driven Long-term IDR.
The upgrade of BZ WBK’s VR to (bbb+) from (bbb) reflects the improved capitalisation and loss absorption capacity of the bank as well as positive track record of maintaining solid internal capital generation and financial ratios following integration and consolidation of other banks.
The full Fitch publication for Polish banks is attached to this report.
Documents and Downloads
Fitch Ratings press release November 2015 PDF 210 KB Uruchomi się w nowym oknie
Legal basis:
§ 5 clause 1 point 26 of the Finance Minister’s of 19 February 2009 on current and periodic reports published by the issuers of securities and the rules of equal treatment of the information required by the laws of non-member states