Raport.

BANK ZACHODNI WBK SA (23/2017) Agencja Fitch potwierdziła rating dla Banku Zachodniego WBK S.A.

Podstawa prawna: Art. 17 ust. 1 MAR - informacje poufne.
Agencja Fitch potwierdziła rating dla Banku Zachodniego WBK S.A.
Zarząd Banku Zachodniego WBK S.A. niniejszym przekazuje do publicznej wiadomości decyzję ratingową Agencji Fitch.
W dniu 20 października 2017 roku Agencja Ratingowa Fitch Ratings potwierdziła rating dla Banku Zachodniego WBK S.A.
Obowiązujące ratingi to:
Rating długoterminowy IDR dla walut obcych: bez zmian na poziomie 'BBB+', Perspektywa stabilna
Rating krótkoterminowy IDR dla walut obcych: bez zmian na poziomie 'F2'
Viability Rating: bez zmian na poziomie ‘bbb+'
Rating wsparcia: bez zmian na poziomie ‘2'
Rating krajowy długoterminowy: potwierdzony na poziomie AA(pol)', Perspektywa stabilna
Długoterminowy rating krajowy związany z emisją niezabezpieczonych obligacji: potwierdzony na poziomie AA(pol)'.
Pełne ogłoszenie opublikowane przez Agencję w języku angielskim dla polskich banków znajduje się w załączniku do tego raportu.
Podstawa prawna: art. 17 ust. 1 rozporządzenia PE i Rady (UE) nr 596/2014 z dnia 16 kwietnia 2014 r. w sprawie nadużyć na rynku (MAR) - informacja poufna

Lista plików:

  • Załącznik nr: 1

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    FITCH REVISES PEKAO OUTLOOK TO
    NEGATIVE; AFFIRMS 4 LEADING POLISH BANKS
    Fitch Ratings-Warsaw/London-20 October 2017: Fitch Ratings has revised the Outlooks on
    the Long-Term Issuer Default Ratings (IDR) of Poland-based Bank Pekao SA (Pekao) and its
    mortgage bank subsidiary, Pekao Bank Hipoteczny (PBH), to Negative from Stable. At the same
    time, Fitch has affirmed the Long-Term IDRs of Pekao (A-) and Pekao Bank Hipoteczny (A-),
    Bank Zachodni WBK (BZ WBK, BBB+), Bank Handlowy w Warszawie (A-) and ING Bank
    Slaski (A). The Long-Term IDRs of BZ WBK, Handlowy and Bank Slaski are on Stable Outlook.
    The Viability Ratings (VR) have been affirmed at 'a-' (Handlowy and Pekao) and at 'bbb+' (BZ
    WBK and Bank Slaski). A full list of rating actions is provided at the end of this commentary.
    The Outlook Revision for Pekao reflects Fitch's expectation that the bank's capital ratios are likely
    to gradually moderate. In Fitch's view, capitalisation is Pekao's main rating advantage over some of
    its direct peers.
    The affirmation of the VRs of the four banks and the IDRs of BZ WBK, Handlowy and Pekao
    reflect no major changes to their financial metrics over the past 12 months. The affirmation of
    Slaski's IDRs reflects Fitch's opinion of an extremely high probability that the bank would be
    supported by its parent, if needed.
    KEY RATING DRIVERS
    IDRS, NATIONAL RATINGS AND SENIOR DEBT
    The IDRs of BZ WBK (and its senior debt rating), Handlowy and Pekao are driven by the banks'
    intrinsic strength, as reflected in their VRs. The IDRs of BZ WBK and Handlowy are also
    underpinned by potential shareholder support. The IDRs of Bank Slaski are driven by potential
    shareholder support.
    The Stable Outlooks on BZ WBK and Handlowy reflect broadly balanced risks related to their
    credit profiles and their respective parents. The Stable Outlook on Bank Slaski reflects that on its
    parent.
    Handlowy's Short-Term IDR of 'F1' is the higher of the two possibilities corresponding to its Long-
    Term IDR of 'A-'. This reflects its strong coverage of short-term liabilities by liquid assets, stable
    funding base and potential ordinary support from Citigroup.
    The ratings of PBH are equalised with those of Pekao and share the same Negative Outlook,
    reflecting Fitch's view that it is a strategically important subsidiary of Pekao.
    SUPPORT RATINGS AND SUPPORT RATING FLOOR
    The Support Ratings (SRs) of '1' for Handlowy and Bank Slaski and '2' for BZ WBK reflect Fitch's
    view of an extremely high and high, respectively, probability of support from the banks' respective
    shareholders. Handlowy, Bank Slaski and BZ WBK are owned, respectively, by Citigroup Inc. (A/
    Stable/a), ING Bank N.V. (A+/Stable/a+) and Banco Santander, S.A. (A-/Stable/a-).
    In our opinion, Poland is a strategically important market for Citigroup, ING Bank and Santander.
    The banks' synergies with their respective parents are strong and underpinned by long track records
    in supporting their parents' objectives, which is likely to continue, and a high level of management
    and operational integration. In our opinion, any required support for the three banks would be


    immaterial relative to their respective parents' ability to provide it. Our opinion reflects the owners'
    solid credit profiles and the small size of their Polish subsidiaries relative to their respective
    parents.
    The resolution of the Rating Watch Negative for Pekao's SR and downgrade to '5' from '2' reflects
    the change in ownership of the bank and Fitch's view that shareholder support can no longer be
    relied upon. Pekao is effectively state-controlled, through a joint minority stake held by PZU
    (20% stake, largest Polish insurer, state-controlled) and PFR (12.8% stake, fully state-owned
    development fund). The remaining shares are widely held and the bank is listed on the Warsaw
    Stock Exchange.
    The Support Rating Floor of 'No Floor' and the SR of '5' for Pekao also reflects Fitch's opinion
    that, although potential sovereign support for the bank is possible, it cannot be relied upon. This
    is underpinned by the EU's Bank Recovery and Resolution Directive, transposed into Polish
    legislation, which requires senior creditors to participate in losses, if necessary, instead of or ahead
    of a bank receiving sovereign support.
    VIABILITY RATINGS
    The four banks' common rating strengths include well-established domestic market franchises,
    stable business models, conservative risk appetites, strong capitalisation, sound asset quality, solid
    profitability and robust funding and liquidity. The higher (by one notch) VRs of Handlowy and
    Pekao reflect their higher capital buffers and a particularly low-risk business model (Handlowy).
    At end-1H17, Pekao was the second-largest bank by total assets, followed by BZ WBK (third) and
    Bank Slaski (fifth). Handlowy's market share is considerably smaller (11th), but its franchise and
    the strength of customer relationships in its strategic segments are solid. The banks' stable business
    models are evidenced in limited variability in their performance through the cycle.
    The four banks' conservative risk appetites are underpinned by prudent underwriting standards,
    robust risk controls and limited (moderate at Handlowy) exposure to market risks. In our opinion,
    Handlowy's risk appetite is lower due to its more selective lending than peers', shown in the bank's
    modest credit losses through the cycle and a high balance-sheet concentration in low risk assets
    (mainly Polish government debt). Growth appetite is stronger at Bank Slaski and BZ WBK, but
    both banks' control environments are adapted to meet higher business volumes. We also believe
    that the overall risk appetite at Pekao has not changed materially since the ownership change.
    Fitch views capitalisation as strong due to high Fitch Core Capital (FCC) ratios, modest unreserved
    impaired loans, solid recurring profitability, conservative risk profiles and potential ordinary
    capital support from the banks' respective parents (except for Pekao). We view capitalisation at
    Handlowy and Pekao as stronger due to their higher surpluses over regulatory minimum ratios and
    low risk appetite (Handlowy). However, we believe that Pekao's capital surplus could reduce in
    the medium term as we expect that the bank's new controlling shareholders will aim to maximise
    returns to shareholders. At end-1H17, the FCC ratios equaled about 19% at Handlowy and Pekao,
    about 17% at BZ WBK and about 16% at Bank Slaski.
    We believe that asset quality at the four banks will remain strong in the next 12 to 24 months.
    This reflects conservative origination of new loans, the supportive economic environment and
    further gradual progress in cleaning legacy bad debts. The banks' sound asset quality reflects their
    well-diversified credit risk exposures, low (Bank Slaski and Handlowy) to moderate (BZ WBK
    and Pekao) levels of impaired loans and solid reserve coverage. In our opinion asset quality at BZ
    WBK could be moderately more vulnerable compared with peers due to its exposure to legacy
    residential mortgages denominated in foreign currency (mainly Swiss francs; about 13% of total
    gross loans at end-1H17) and significant unsecured consumer lending. At end-1H17, the impaired


    loan ratios equaled about 3% at Bank Slaski and Handlowy and about 6% at BZ WBK and Pekao,
    compared with the sector average of about 6%.
    We expect results for 2017 to show that revenue pressures have abated as margins gradually
    recover on the back of growing loan books, increased lending in higher-yielding market segments
    and low funding costs. The potential cost related to the presidential proposal for the restructuring
    of foreign-currency mortgages could moderately affect BZ WBK's results, although it would be
    negligible for the other three banks.
    All banks' solid profitability is underpinned by their moderate variability in earnings and small
    credit losses through the cycle, healthy margins and reasonable cost-efficiency. Profitability is
    sufficiently strong to support near-term growth and provide material loss-absorption capacity.
    The ratio of operating profit/risk-weighted assets shrank in the past three years at Handlowy (2.3%
    in 1H17), was broadly stable at Pekao (2.6%) and was gradually improving at Bank Slaski (3.1%)
    and BZ WBK (3.4%) as they both offset margin pressure by significant credit growth.
    The banks' robust funding and liquidity reflects their high self-financing capacity (based on stable
    customer deposits), strong coverage of short-term liabilities by liquid assets and potential ordinary
    parental support (BZ WBK, Handlowy and Bank Slaski). Handlowy's particularly ample liquidity
    underpins its stronger funding and liquidity profile. At end-1H17, the gross loans/deposits ratio
    was 63% at Handlowy, 88% at Bank Slaski and about 100% at BZ WBK and Pekao (sector
    average: 100%).
    RATING SENSITIVITIES
    IDRS, SUPPORT RATINGS, NATIONAL RATINGS AND SENIOR DEBT
    The IDRs of Bank Slaski are sensitive to changes in potential support from its majority owner.
    BZ WBK's and Handlowy's IDRs could be upgraded if their parents are upgraded or if their VRs
    are upgraded. A downgrade of both banks would require a downgrade of both their VRs and their
    parents' IDRs. Pekao's IDRs are sensitive to changes in its VR. PBH's IDRs are likely to move in
    tandem with those of Pekao.
    VRs
    The VRs of the four banks are likely to be resilient to a moderate deterioration in the operating
    environment. However, a marked and prolonged weakening in the Polish economy (not Fitch's
    base scenario) that materially affects the banks' asset quality, capitalisation and profitability could
    lead to the VRs being downgraded.
    The upside for Handlowy's VR is limited, given its already high level (one notch above the bank's
    operating environment) and the bank's limited franchise. A downgrade of Poland's sovereign rating
    would likely result in the downgrade of Pekao's and Handlowy's VRs.
    Pekao's VR could be downgraded if the bank's capital cushion over the regulatory minimum is
    materially reduced or management states its intention to do so to increase the bank's returns. A
    downgrade is also likely in case of a significant increase of Pekao's risk appetite. Pekao plans to
    announce its updated strategy in mid-November 2017.
    Upgrades of the VRs of BZ WBK and Bank Slaski are unlikely unless the operating environment
    and the banks' standalone credit profiles improve, and their growth appetites moderate.
    SUPPORT RATING AND SUPPORT RATING FLOOR
    The Support Ratings of Handlowy, BZ WBK and Bank Slaski, and the floors they provide for the
    subsidiaries' Long-Term IDRs, are sensitive to changes in the parent banks' Long-Term IDRs, or to
    Fitch's view of the parents' propensity or ability to support their subsidiaries. Fitch does not expect
    the three banks' strategic roles in their groups to diminish in the medium term.



    The rating actions are as follows:
    Handlowy
    Long-Term IDR: affirmed at 'A-'; Outlook Stable
    Short-Term IDR: affirmed at 'F1'
    Viability Rating: affirmed at 'a-'
    Support Rating: affirmed at '1'
    National Long-Term Rating: affirmed at 'AA+(pol)'; Outlook Stable
    National Short-Term Rating: affirmed at 'F1+(pol)'
    BZ WBK
    Long-Term IDR: affirmed at 'BBB+', Outlook Stable
    Short-Term 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: affirmed at 'AA(pol)'
    Bank Slaski
    Long-Term IDR: affirmed at 'A'; Outlook Stable
    Short-Term IDR: affirmed at 'F1'
    Viability Rating: affirmed at 'bbb+'
    Support Rating: affirmed at '1'
    National Long-Term Rating: affirmed at 'AAA(pol)'; Outlook Stable
    National Short-Term Rating: affirmed at 'F1+(pol)'
    Pekao
    Long-Term IDR: affirmed at 'A-', Outlook revised to Negative from Stable
    Short-Term IDR: affirmed at 'F2'
    Viability Rating: affirmed at 'a-'
    Support Rating: '2': removed from Rating Watch Negative and downgraded to '5'
    Support Rating Floor: assigned at 'No Floor'
    PBH
    Long-Term IDR: affirmed at 'A-', Outlook revised to Negative from Stable
    Short-Term IDR: affirmed at 'F2'
    Support Rating: affirmed at '1'
    National Long-Term Rating: affirmed at 'AA+(pol)', Outlook revised to Negative from Stable
    National Short-Term rating: affirmed at 'F1+(pol)'
    Contact:
    Primary Analysts
    Michal Bryks, ACCA (BZ WBK, Handlowy, Bank Slaski)
    Director
    +48 22 338 6293
    Fitch Polska SA
    Krolewska 16,
    00103
    Warsaw
    Artur Szeski (Pekao, PBH)
    Senior Director


    +48 22 338 6292
    Fitch Polska S.A.
    Krolewska 16,
    00103
    Warsaw
    Secondary Analysts
    Agata Gryglewicz (Handlowy, Bank Slaski)
    Associate Director
    +48 22 330 6970
    Jakub Kopiec, CFA (BZ WBK, Pekao, PBH)
    Analyst
    +48 22 330 6702
    Committee Chairperson
    James Watson
    Managing Director
    +7 495 956 6657
    Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email:
    [email protected]
    Additional information is available on www.fitchratings.com
    Applicable Criteria
    Global Bank Rating Criteria (pub. 25 Nov 2016)
    https://www.fitchratings.com/site/re/891051
    National Scale Ratings Criteria (pub. 07 Mar 2017)
    https://www.fitchratings.com/site/re/895106
    ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONSAND DISCLAIMERS BY FOLLOWING THIS LINK: HTTPS://WWW.FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. INADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITEAT 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 THISSITE. DIRECTORS AND SHAREHOLDERS RELEVANT INTERESTS ARE AVAILABLE AT HTTPS://WWW.FITCHRATINGS.COM/SITE/REGULATORY. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRDPARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITYCAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.Copyright © 2017 by Fitch Ratings, Inc., Fitch Ratings Ltd. and its subsidiaries. 33 Whitehall Street, NY, NY 10004. Telephone: 1-800-753-4824, (212)908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except by permission. All rights reserved. In issuingand maintaining its ratings and in making other reports (including forecast information), Fitch relies on factual information it receives from issuers andunderwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by itin accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sourcesare available for a given security or in a given jurisdiction. The manner of Fitch’s factual investigation and the scope of the third-party verification itobtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated securityis offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer andits advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports,engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third- party verificationsources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch’s ratings andreports should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relieson in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of theinformation they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on thework of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratingsand forecasts of financial and other information are inherently forward-looking and embody assumptions and predictions about future events that bytheir nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future events orconditions that were not anticipated at the time a rating or forecast was issued or affirmed.The information in this report is provided “as is” without any representation or warranty of any kind, and Fitch does not represent or warrant that thereport or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of asecurity. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating.Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating ora report. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engagedin the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solelyresponsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus


    nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities.Ratings may be changed or withdrawn at any time for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort.Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not comment on the adequacy of market price, the suitability of anysecurity for a particular investor, or the tax-exempt nature or taxability of payments made in respect to any security. Fitch receives fees from issuers,insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicablecurrency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by aparticular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currencyequivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute a consent by Fitch to use its name as an expert inconnection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of the UnitedKingdom, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research maybe available to electronic subscribers up to three days earlier than to print subscribers.For Australia, New Zealand, Taiwan and South Korea only: Fitch Australia Pty Ltd holds an Australian financial services license (AFS license no.337123) which authorizes it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be usedby persons who are retail clients within the meaning of the Corporations Act 2001 12ae05bc12ae05bc


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Pozytywny

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WSZYSTKIE KOMUNIKATY SPÓŁKI
Informacje o spółce
Nazwa:Bank Zachodni WBK SA
ISIN:PLBZ00000044
NIP:896-000-56-73
EKD: 65.12 działalność bankowa
Adres: Rynek 9/11 50-950 Wrocław
Telefon:+48 61 8564900
www:www.bzwbk.pl
gpwlink:bz-wbk.gpwlink.pl
Kalendarium raportów
2018-10-31Raport za III kwartał
Komentarze o spółce BANK ZACHODNI WBK
2018-10-15 11-10-13
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