PKO BP bank's rating outlook put to 'negative' by S&P
September 23, 2013
Poland's top bank PKO BP suffered a long-term counterparty rating outlook downgrade to 'negative' from 'stable' with rating maintained at 'A-' by Standard & Poor's rating agency, S&P said in a statement on Friday.
In the agency's opinion, taking over Nordea's Polish assets by PKO BP will initially weaken the capitalization of the bank although this consequence will be partially offset by bank's high potential to generate income, the statement read.
“The negative outlook reflects the one-in-three chance that we would lower the long-term rating on PKO if the less favorable domestic economic and operating environment is likely to weaken the bank's financial performance and capitalization by more than we currently anticipate,” the statement read.
On June 12, 2013, PKO announced it had reached an agreement to acquire Swedish group Nordea Bank AB's banking, leasing, and life insurance business in Poland.