Moody’s con­firms BZ WBK

The Pak Banker - - Front Page -

LON­DON

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.

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