Profil:
Bank Pekao SAMoody's Ratings affirms Bank Pekao's A2 long-term deposit ratings, maintains stable outlook
Moody's Ratings has affirmed Bank Pekao A2/P-1 long- and short-term deposit ratings and maintained the stable outlook on the long-term deposit ratings.
Further, Moody's Ratings affirmed the bank's baa2 Baseline Credit Assessment (BCA) and Adjusted BCA, its A2/P-1 long- and short-term Counterparty Risk Ratings (CRR), and its A2(cr)/P-1(cr) long- and short-term Counterparty Risk (CR) Assessments.
The affirmation of Bank Pekao's baa2 BCA reflects the bank's improved profitability, which Moody's Ratings expects will soften in 2024 but to remain at strong levels, and robust capitalization with a substantial buffer over regulatory requirements.
Bank Pekao's asset risk is determined by a relatively high level of non-performing loans (NPLs) when compared to peers, but these are well covered with loan loss reserves including its very small exposure to CHF loans.
The stable outlook on the long-term deposit ratings reflects the agency's expectation that Bank Pekao's credit profile and its liability structure will remain broadly unchanged over the next 12-18 months.
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