Standard&Poor's Ratings Services has upgraded following ratings of Bank Pekao:
1) long-term rating to level "A" from "A-",
2) short-term rating to level "A-1" from "A-2",
and has left the stable outlook.
According to S&P agency, the ratings on Bank Pekao reflect its long-term importance as a core subsidiary of UniCredito Italiano (A+/Stable/A-1), for which it acts as a cornerstone of activities in the strategically key markets of Central and Eastern Europe (CEE). Progressive operational and business integration into UniCredito positioned Bank Pekao well to weather the past economic recession in Poland, and to benefit financially from the current economic upswing. The ratings on Bank Pekao are also supported by very good capitalization, earnings improvement, and strong liquidity.
Our view: We expect the news to have mildly positive impact on the stock price today.