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Report 2022

Bank in 2022

Financial credibility ratings

Bank Pekao S.A. financial credibility ratings

Bank Pekao S.A. co-operates with three leading credit rating agencies: Fitch Ratings (the Fitch), S&P Global Ratings (S&P), and Moody’s Investors Service. In the case of the first two agencies, the ratings are provided on a solicited basis under relevant agreements and with respect to Moody’s Investors Service the ratings are unsolicited and they are based on publicly available information and review meetings.

As of 31 December 2022, Bank Pekao S.A. had assigned following financial credibility ratings:
Long-Term Default rating (IDR) BBB A-
Short-Term Default Rating F2 F1
Viability Rating bbb
Government Support Rating No support
Outlook Stable Stable
National Long-Term Rating AA-(pol) (stable outlook)
National Short-Term Rating F1+(pol)
Long-term rating in foreign currencies BBB+ A-
Long-term rating in domestic currency BBB+ A
Short-term rating in foreign currencies A-2 A-2
Short-term rating in domestic currency A-2 A-1
Stand-alone credit profile bbb+
Outlook Stable Stable
Long – term RCR in foreign currencies A-
Short – term RCR in foreign currencies A-2
Long – term RCR in domestic currency A-
Short – term RCR in domestic currency A-2
Moody’s Investors Service
(unsolicited rating)
BANK Pekao S.A. Poland
Long-term foreign-currency deposit rating A2 A2
Short-term deposit rating Prime-1 Prime-1
Baseline Credit Assessment baa2
Long-term counterparty risk assessment A2(cr)
Short-term counterparty risk assessment Prime-1(cr)
Outlook Stable Stable
Long-term Counterparty Risk Rating (CRR) A2
Short-term Counterparty Risk Rating (CRR) Prime-1


On 27 January 2022 S&P rating agency informed the bank about maintaining the ratings of the bank at the current level with the stable outlook.

According to S&P, the bank’s rating assessment reflects its strong business position as well as high customer confidence resulting from having strong state-related shareholders – PZU and PFR. According to the agency, the acquisition and integration of part of Idea Bank’s assets and liabilities has no significant impact on the capital ratios and risk profile of Bank Pekao. Both the profitability and efficiency of the bank remain at the levels similar to that of other Polish banks and higher than that of many international institutions. According to S&P, the bank’s exposure to CHF loans is not significant.

The bank’s stable outlook reflects that of Pekao’s largest investor – PZU.

On 14 September 2022 Fitch rating agency informed the Bank about lowering the Long-Term Issuer Default Rating (IDR) from „BBB+” to „BBB” with “Stable” outlook, National Long-Term Rating from „AA(pol)” to „AA-(pol) with “Stable” outlook and Viability Rating from „bbb+ to „bbb”. Short-Term Issuer Default Rating (IDR) has been affirmed at „F2” and National Short-Term Rating at „F1+(pol)”. Fitch assigned Government Support Rating of „no support”.

According to Fitch, the downgrade of Pekao’s VR, Long-Term IDR and National Rating primarily reflects the downgrade of the Polish operating environment score to “bbb” from “bbb+” and Fitch’s view that it constrains Pekao’s overall credit profile, given the bank’s broad exposure to the operating environment in Poland.

Pekao’s VR, IDRs and National Ratings reflect its strong domestic franchise, seasoned and stable business model. Combined with a moderate risk appetite, these allow it to generate relatively stable returns, as well as solid capital and strong funding and liquidity positions. At the same time, Pekao’s overall credit profile is constrained by risks in the domestic operating environment, given the bank’s broad exposure to a wide range of customer and business segments in Poland.

On 20 December 2022 Moody’s rating agency informed the bank about maintaining the ratings of the bank at the current level with the stable outlook.

According to Moody’s the affirmation of Bank Pekao’s ratings reflects the agency’s view that its capitalization and profitability provide sufficient risk absorption buffers. More specifically, the small exposure to Swiss-franc mortgages accounting for around 1% of loans net of provisions would allow the bank to provision its exposure to these loans even fully without a meaningful impact on its capitalisation. The BCA also considers the bank’s high problem-loan coverage ratio of 96% as of 30 September 2022 excluding the portfolio assumed by Idea Bank which carries a guarantee by the Polish resolution authority. The affirmation also considers the bank’s high capital buffers with a CET1 capital ratio of 15% as of September 2022, as well as the agency’s expectation of a recovery in the bank’s profitability.

Pekao Bank Hipoteczny S.A. financial credibility ratings

Pekao Bank Hipoteczny S.A. cooperates with the international rating agency Fitch Ratings.

Fitch points out that the rating of Pekao Bank Hipoteczny S.A. is associated with the rating of Bank Pekao S.A., which holds 100% of the Bank’s shares. According to Fitch, the rating of Pekao Bank Hipoteczny S.A. is affected by the degree of integration with the subject.

At the end of December 2022, the long-term rating of Pekao Bank Hipoteczny S.A., assigned by the Fitch rating agency, was BBB with a „Stable” outlook. Mortgage bonds issued by Pekao Bank Hipoteczny S.A. had a “BBB+” rating. The high rating of the letters means that Pekao Bank Hipoteczny S.A. has the ability to issue securities with a high level of security and to obtain long-term funds for lending activities.

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