Rating

PZU

Since 2004, PZU and PZU Życie have been subject to regular reviews by the rating agency of S&P Global Ratings (S&P). The rating assigned to PZU and PZU Życie results from an analysis of financial data, competitive position, management and corporate strategy of both companies as well as the sovereign rating. It also includes a ratings outlook, or an assessment of the Company’s future position in the event that specific circumstances occur.

In the most recent update of the rating dated 3 November 2021, S&P affirmed the financial strength and credit strength ratings for PZU and its main subsidiaries at “A-”. The rating remained unchanged (stable). In its justification, the agency pointed to a good growth outlook and a stable capital position.

Source: S&P Global Ratings

Poland’s rating

On 1 October 2021, the S&P rating agency carried out a regular review of Poland’s rating and decided to affirm the rating at A- and A-2 for long- and short-term liabilities in foreign currencies, respectively, and at A and A-1 for long- and short-term liabilities in the domestic currency, respectively. The rating outlook remained stable.

Source: S&P Global Rating

Bank Pekao

Bank Pekao cooperates with three leading rating agencies: Fitch Ratings, S&P Global Ratings and Moody’s Investors Service. Fitch Ratings and S&P Global Ratings prepare their ratings at the Bank’s request under the contracts entered into between the bank and these agencies. Because Moody’s Investors Service has no contract with Pekao, the agency prepares its ratings based on publicly available information and review meetings.

Rating (Fitch)

On 23 September 2021, Fitch Ratings informed the Bank about a change in the Bank’s rating outlooks in the form of “long-term IDR” and “domestic long-term rating” from negative to stable and that all ratings remained at their current levels.

Rating (S&P Global Ratings)

On 24 June 2021, S&P Global Ratings affirmed the existing ratings and the stable rating outlook for the Bank.

On 29 January 2022, S&P Global Ratings announced that it maintained the ratings at the previous level and a stable rating outlook of Bank Pekao. According to S&P, the rating reflects the bank’s strong business position and the high level of customer trust due to the fact that the bank has strong State-related shareholders, PZU and PFR.

Moody's Investors Service Ltd. (assessments not solicited by the bank)

On 7 January 2021, the Moody's Investor Service rating agency reported that it upheld the long-term deposit rating at A2, the short-term deposit rating at P-1 and a stable outlook for long-term deposit ratings. At the same time, Moody’s lowered the bank’s Baseline Credit Assessment (BCA) and the Adjusted Baseline Credit Assessment (Adjusted BCA) to baa2 from baa1 and the Counterparty Risk Rating (CRR) to A2 from A1. The long-term Counterparty Risk Assessment (CRA) was also reduced, to A2(cr) from A1(cr). The short-term CRR and CRA counterparty ratings were kept at the levels of P-1 and P-1(cr), respectively.

Alior Bank

Fitch Ratings

On 8 December 2021, Fitch Ratings changed Alior Bank’s rating outlook from negative to stable and affirmed the awarded ratings.

S&P Global Ratings

On 24 June 2021, S&P Global Ratings changed Alior Bank’s rating outlook from negative to stable.

On 8 December 2021, the agency affirmed the ratings it had granted previously.