Fitch Affirms & Withdraws Powszechna Kasa Oszczednosci Bank Polski's Support Rating at '5'
OREANDA-NEWS. Fitch Ratings has affirmed Poland-based Powszechna Kasa Oszczednosci Bank Polski's (PKO BP) Support Rating (SR) at '5'.
At the same time, Fitch has chosen to withdraw the rating of PKO BP for commercial reasons.
Fitch believes that in line with our SR definition of '5', extraordinary external support, while possible, can no longer be relied upon for PKO BP.
KEY RATING DRIVERS
PKO BP's SR reflects Fitch's view that senior creditors can no longer rely on receiving full extraordinary support from the sovereign in the event that the bank becomes non-viable. In Fitch's view, the EU's Bank Recovery and Resolution Directive (BRRD) is sufficiently progressed to provide a framework for resolving banks that is likely to require senior creditors participating in losses, if necessary, instead of or ahead of a bank receiving sovereign support. In the EU, BRRD has been effective in member states since 1 January 2015, including minimum loss absorption requirements before resolution financing or alternative financing (eg, government stabilisation funds) can be used. Full application of BRRD, including the bail-in tool, is required from 1 January 2016.
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