Current Report No. 28/2015

24 November, 2015

Fitch Rating Agency upgraded VR of Bank Zachodni WBK SA.

The Management Board of Bank Zachodni WBK S.A. hereby publishes the rating decision issued by Fitch Agency.

On 23rd November 2015Fitch Ratings has affirmed the Long-term Issuer Default Rating (IDR) of Bank Zachodni WBK (BZ WBK). The Viability Rating (VR) of BZ WBK was upgraded to 'bbb+' from ' bbb'.

The rating actions are as follows:


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

Short-term IDR: affirmed at 'F2'

Viability Rating: upgraded to 'bbb+' from 'bbb'

Support Rating: affirmed at '2'

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

Senior unsecured debt: affirmed at 'AA-(pol)'

The Support Rating of BZWBK Issuer Default Rating (IDR) reflects Fitch's view on potential support from the bank's shareholder. In Fitch's opinion, there is 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 and that continued parent support will provide a floor for bank's Long-term IDR at one notch below that of its parent.

The IDRs and Long-term National rating of BZ WBK are underpinned by the bank’s VR, which is currently at the same level as the support driven Long-term IDR.

The upgrade of BZ WBK’s VR to (bbb+) from (bbb) reflects the improved capitalisation and loss absorption capacity of the bank as well as positive track record of maintaining solid internal capital generation and financial ratios following integration and consolidation of other banks.

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


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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.

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