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MESSAGE (ENGLISH VERSION) | |
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Fitch Downgrades Poland’s Bank Zachodni WBK’s Long-term IDR to 'BBB+';
Outlook Stable
Current report no. 2/2009
Fitch Ratings-London/Warsaw-15 January 2009: Fitch Ratings has today
downgraded Poland-based Bank Zachodni WBK's (BZ WBK) Long-term Issuer
Default Rating (IDR) to 'BBB+' from 'A+' and Short-term IDR to 'F2' from
'F1' and removed both ratings from Rating Watch Negative (RWN). The
Outlook on the Long-term IDR is Stable. The agency has simultaneously
downgraded BZ WBK's Support Rating to '2' from '1'. The Individual
Rating has been affirmed at 'C'.
The rating action reflects the downgrade of Allied Irish Banks’ (AIB)
Long-term IDR to 'A'/Stable Outlook from 'AA-' (AA minus)/RWN and
Individual rating to 'C' from 'B'/RWN today. AIB is BZ WBK's controlling
shareholder. For more details, please see the 15 January 2009 commentary
“Fitch Downgrades 5 Irish Banks; Upgrades Support Ratings; Affirms
Covered Bonds” available on the agency’s public website,
www.fitchratings.com.
The downgrade on BZ WBK's Long- and Short-term IDRs reflects AIB’s
weaker ability to provide support as indicated by the parent’s 'C'
Individual rating. BZ WBK's IDRs are now based on both the still high
potential for support from AIB, in case of need, and the standalone
strength of BZ WBK as indicated by its Individual rating of 'C'.
The affirmation of BZ WBK's Individual rating reflects the bank's
unchanged strong market position, solid balance sheet, profitability,
and liquidity as well as adequate capitalisation.
BZ WBK is Poland's fifth-largest bank with a 5% share of sector assets.
The bank operates 504 branches and had 9,717 full-time employees at
end-June 2008.
AIB is a large bank in Ireland with EUR9.1bn of equity and EUR183bn of
assets at end-June 2008. AIB acquired a total of 60.1% in WBK between
1995 and 1996. In 1999, AIB acquired 80% of Bank Zachodni SA from the
Polish State Treasury, and in 2001 merged it with WBK to create BZ WBK,
in which AIB currently has a 70.5% stake.
Contact: Artur Szeski, Warsaw, Tel: +48 22 338 6292; Mark Young, London,
+44 (0) 20 7417 4268.
Fitch's rating definitions and the terms of use of such ratings are
available on the agency's public site, 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:
§clause 1 item 26 of the Ordinance of the Monistry of Finance, dated 19
october 2005, with regard to current and periodic informations sent by
issuers of securities
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