Current Report No. 56/2014

26 November, 2014

Fitch Rating Agency affirms Bank Zachodni WBK SA ratings.

The Management Board of Bank Zachodni WBK S.A. hereby publishes the rating decision issued by Fitch Agency. On 26th November 2014 Fitch Ratings has affirmed the Long-term Issuer Default Rating (IDRs) and Viability Rating of Bank Zachodni WBK (BZ WBK, BBB+/Stable/bbb).

Rating actions are as follows:

Bank Zachodni WBK

Long-term foreign currency IDR: affirmed at 'BBB+', Outlook Stable

Short-term foreign currency IDR: affirmed at 'F2'

Viability Rating: affirmed at 'bbb'

Support Rating: affirmed at '2'

National Long-term rating: affirmed at 'AA-(pol)', Outlook Stable

Senior unsecured debt National Long term rating: affirmed at 'AA-(pol)'.

The Support Rating of BZWBK and IDRs of the bank, reflect Fitch’s view on potential support from the bank’s shareholder. In Fitch's opinion, there is a high probability of support for BZ WBK. The bank’s majority owner is Banco Santander S.A. (Santander, A-/Stable/a-).

Fitch believes that BZ WBK is strategically important subsidiary for its parent. Fitch expects that continued parent support will result in the bank’s Long-term IDR being underpinned at level one notch below that of its parent.

The Outlook on the Long-term IDRs of BZ WBK reflects that on its parent institution.

The VR of the bank reflect its strong standalone credit risk profile, underpinned by healthy internal capital generation, solid performance, good asset quality, strong liquidity and stable funding base.

The agency states that BZ WBK VR could be upgraded by one notch, to “bbb+”if it continues to perform strongly after the integration of other group banks, if the key financial metrics remain sound and if there is no significant deterioration in the Polish economy.

The full Fitch publication for Polish banks is attached to this report.

Documents and Downloads


Legal basis:
§ 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.

Contact for investors and analysts

Agnieszka Dowżycka