Rating

Issuer’s rating

Since 2004 PZU and PZU Życie are regularly rated by S&P Global Ratings (S&P). The rating assigned to PZU and PZU Życie results from an analysis of the financial information, competitive position, management and corporate strategy as well as the financial situation of the country.

It also includes outlook, i.e. an assessment of the future position of the Company in the event of specific circumstances. From 25 March 2014 onwards, the rating of PZU is one notch above foreign currency sovereign rating on Poland.

On 21 January 2016, S&P lowered the financial strength rating of PZU from grade „A” to „A-” with negative outlook. The decision to lower the rating of PZU was the consequence of the decision to lower the rating of Poland and did not result from the change to the Company’s financial situation.

On 31 October 2016, S&P maintained the long-term credit rating and financial strength rating of PZU and PZU Życie at „A-” with negative outlook, simultaneously removing it from the „watched” list on which is was placed on 18 December 2015.

On 22 December 2016, S&P confirmed the financial strength rating and credit strength rating of PZU and PZU Życie at „A-”

On 22 December 2016, S&P confirmed the financial strength rating and credit strength rating of PZU and PZU Życie at „A-”. The rating outlook remained negative. The rating was confirmed after PZU Group’s release of information on 8 December 2016 on agreeing to the purchase of 20% of the shares of Bank Pekao.

Poland’s rating

On 15 January 2016, S&P downgraded Poland’s rating from „A-” to „BBB+” for long-term liabilities in foreign currencies and from „A/A-” to „A-1/A-2” respectively for long- and short- term liabilities in local currency. At the same time, the outlook was changed from positive to negative. On 2 December 2016, the rating outlook was raised to stable.

Eurobonds rating

On 20 June 2014, S&P awarded a rating of „A-” for unsecured debt to the Eurobonds issued by PZU Finance AB. In October 2015, PZU bonds valued at EUR 350 million were issued. These bonds were assimilated and, together with the Eurobonds at value of PLN 500 million issued by PZU Finance AB (a public company) on 3 July 2014, they constitute one series, a so-called tap issue. On 12 October 2015, S&P analysts awarded a rating of „A-” to the new issue. On 21 January 2016, as a result of downgrading the rating of PZU (followed by the downgrade of Poland), the rating of Eurobonds issued by PZU Finance AB was lowered to the level of „BBB+”. It continues to be a so-called investment rating.

Poland’s rating

PZU rating

Rating of Eurobonds issued by PZU Finance AB (publ.)

Rating Alior Bank

On 5 September 2013, Fitch Ratings Ltd. rated Alior Bank at grade „BB” with stable outlook. The rating did not change in accordance with the grade assigned on 12 April 2016.

Rating of Alior Bank