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Bank Polska Kasa Opieki S.A. Jul 03
Standard & Poors, July 2003
Abstract
The ratings on Poland-based Bank Polska Kasa Opieki S.A. (Bank Pekao) reflect its strong relationship with Italy-based UniCredito Italiano SpA (UniCredito; AA-/Stable/A-1+), which owns 53.17% of the bank's shares; its powerful market position in the Polish banking sector; strong liquidity; and sound capitalization. Profitability, although weaker, remains satisfactory. The ratings are constrained by a persistent deterioration in asset quality resulting from the depressed economy, where corporate cash flow is stressed and unemployment is sticking at a high level. These factors constrain the ability of Bank Pekao, and the banking system in general, from improving their creditworthiness. UniCredito is considered to be a very supportive shareholder, in that it is providing expertise and equipping Bank Pekao with the necessary skills and...
Companies mentioned in this report are: Bank Polska Kasa Opieki S.A.,UniCredit SpA,UniCredit Leasing SpA,UniCredit Bank Ireland PLC
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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