Current Report No. 1/2012

14 February, 2012

Bank Zachodni WBK S.A. rating changed following a rating action taken for Banco Santander.

Fitch Ratings-Barcelona/London-13 February 2012: Fitch Ratings has downgraded Banco Santander's (Santander) Long-term Issuer Default Ratings (IDR) to 'A' from 'AA-' and Viability Rating (VR) to 'a' from 'aa-'. Fitch has removed the ratings from Rating Watch Negative (RWN).

The rating actions on Santander largely reflect Fitch's downgrade of the Spanish sovereign to 'A'/Negative from 'AA-' (see “Fitch Takes Rating Actions on Six Eurozone Sovereigns” and “Fitch Comments Further on Downgrade of Spain to 'A'; Outlook Negative”, both dated 27 January 2012 at The Negative Outlook on Santander mirrors that on the sovereign rating.

As a result the following rating actions were taken for Bank Zachodni WBK S.A.:
Long-term IDR: downgraded to 'A-' from 'A+'; Outlook Negative; removed from RWN
Short-term IDR: downgraded to 'F2' from 'F1'; removed from RWN
VR: unaffected at 'bbb'
Support Rating: affirmed at '1'

Applicable criteria: 'Global Financial Institutions Rating Criteria', dated 16 August 2011; 'Rating Bank Regulatory Capital and Similar Securities', dated 15 December 2011; and 'Treatment of Hybrids in Bank Capital Analysis', dated 11 July 2011, are all available at

Legal base:
§ 5 clause 1 point 26 of the Finance Minister’s 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

Santander Bank Polska S.A. with its registered office in Warsaw, al. Jana Pawła II 17, 00-854 Warszawa, registered by the District Court for the capital city of Warsaw, 12th Commercial Division, set up under regulation of the Council of Ministers of 11 April 1988 on setting up Bank Zachodni in Wrocław (Journal of Laws of 1 July 1988, No. 21, item 142), registered under KRS number 0000008723, REGON 930041341, NIP 896 000 56 73, share capital of PLN 1,020,883,050 paid-up in full. Helpline: 1 9999 – fee as per the operator’s tariff.

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