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Bank Polska Kasa Opieki S.A. Dec 08
Standard & Poors, Dec 2008
Abstract
Long-term strategic importance to UniCredit SpA Dominant domestic market position Robust capitalization and good financial performance Exposure to economic and industry risks in Poland Increasing credit risk, reflecting higher leverage and a focus on small and midsize enterprises (SME) and consumer loans High banking sector competition The ratings on Poland-based Bank Polska Kasa Opieki S.A. (Pekao) reflect its long-term importance as a core subsidiary of Italy-based UniCredit SpA (A+/Negative/A-1), for which it acts as a cornerstone of activities in the strategically key markets of Central and Eastern Europe (CEE). The ratings are also supported by robust capitalization and good financial performance. Rating constraints include the economic and industry risks in the Republic of Poland (foreign currency A-/Stable/A-2, local currency A/Stable/A-1),...
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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