Report No. 39/2013
Legal basis:
Paragraph 5.1.26 of the Regulation of the Minister of Finance dated 19 February 2009 on current and periodic information published by issuers of securities and on the conditions under which such information may be recognized as being equivalent to information required by the legal regulations of a state which is not a EU member state
The report:
The Management Board of Powszechna Kasa Oszczedności Bank Polski Spółka Akcyjna (the “Bank”) hereby informs that the rating agency Standard & Poor's Ratings Service ("S&P"), on 14 June 2013 placed Bank's "A-" long term credit rating on CreditWatch with negative implications.
The reason of this action is in S&P opinion the necessity of taking into account the effect of the conclusion the agreement concerning the acquisition of Nordea Group companies' shares (of which Bank informed in current report No 37/2013) on Bank's capital position. According to S&P information it is unlikely that Bank's "A-" long term credit rating, as a consequence of this action, be lowered by more then one notch.
Potential lowering of rating, according to S&P criteria, may be in case that it is possible that risk-adjusted capital ratio fall below 10% in 12 - 14 months perspective.
The placement on CreditWatch will last up to three months. Bank will inform about an effect of above mentioned analysis in the separate current report.
Contact for Investors
Dariusz Choryło
Director of Investor Relations
dariusz.chorylo@pkobp.pl
Investor Relations Department
ir@pkobp.pl