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MESSAGE (ENGLISH VERSION) | |
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FITCH: AIB PLAN TO SELL BANK ZACHODNI STAKE HAS NO
IMMEDIATE RATING IMPACT
Fitch Ratings-London/Warsaw-31 March 2010: Fitch Ratings says today that
Allied Irish Banks' (AIB, 'A-'/Stable Outlook/'F1') plan to sell its
70.4% stake in Poland-based Bank Zachodni WBK (BZ WBK, 'BBB+'/Negative
Outlook/'F2') will have no immediate impact on BZ WBK's ratings.
BZ WBK's current Issuer Default Ratings (IDRs) are based on the
standalone strength of the bank as indicated by its Individual Rating of
'C'. The Polish bank's Support Rating of '3' reflects Fitch's view of
the moderate probability of support that could be available for BZ WBK
from the Polish state ('A-'/Stable Outlook/'F2'), in case of need.
When a prospective buyer for AIB's stake is selected, Fitch will review
BZ BWK's IDRs to reflect the agency's view on the strength of support
available to BZ WBK from the new support provider. In Fitch's rating
criteria, a bank's standalone risk is reflected in Fitch's Individual
ratings and the prospect of external support is reflected in Fitch's
Support ratings.
Collectively these ratings drive Fitch's Long- and Short-term IDRs.
Applicable criteria, 'Global Financial Institutions Rating Criteria',
dated 29 December, 2009, are available on Fitch's website at
www.fitchratings.com.
Contacts: Artur Szeski, Warsaw, Tel: +48 22 338 6292; Michal Bryks, +48
22 338 6293.
Media Relations: Malgorzata Socharska, Warsaw, Tel: +48 22 338 62 81,
Email: malgorzata.socharska@fitchratings.com; Hannah Warrington, London,
Tel: +44 (0) 207 417 6298, Email: hannah.warrington@fitchratings.com.
Additional information is available at www.fitchratings.com. Related
Research:
Global Financial Institutions Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=493146
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
THIS LINK:HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS IN
ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS
OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES
AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF
THIS SITE.
Legal basis: § 5 clause 1 point 26 of the Finance Minister's Ordinance
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.
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