Moody’s confirms BZ WBK
Global rating agency Moody’s today confirmed Bank Zachodni WBK SA’s (BZ WBK) long-term deposit rating of Baa1 with a negative outlook and the bank’s standalone bank financial strength rating (BFSR) of D+ (equivalent to a baa3 standalone credit assessment) with a stable outlook. The short-term deposit rating Prime-2 was also confirmed. This action concludes the review of the bank’s rating initiated on 28 June 2012.
The announcement follows the confirmation of the ratings of the bank’s parent, Banco Santander SA (Baa2 deposits; BFSR C-/ baa2, Prime- 2, Negative) announced on 24 October 2012 (see “Moody’s concludes rating reviews on majority of Spanish banks after sovereign rating confirmation” for more details).
The confirmation of BZ WBK’s standalone BFSR D+/ baa3 takes into account the following factors: a) the confirmation of the parent’s ratings and ; b) Moody’s view of the Polish subsidiary’s relatively independent franchise from that of the parent; no reliance on parental funding, strong standalone financial fundamentals; and stringent regulatory controls on dividend distributions.