Standard&Poors raised ratings

29 Mar 2007 16:52

Bank Pekao SA29 March 2007 UNOFFICIAL TRANSLATION Report 55/2007: Bank's ratings raised by Standard & Poor's Management Board of Bank Polska Kasa Opieki S.A. ("Bank") received from Standard& Poor's Ratings Services information that on 29th March, 2007 it has upgradedthe Bank's: 1) long-term rating to level "A" from "A-", 2) short-term rating to level "A-1" from "A-2". The ratings of the Bank have Stable Outlook. "The ratings on Pekao reflect its long-term importance as a core subsidiary ofItaly-based UniCredito Italiano SpA (A+/Stable/A-1), for which it acts as acornerstone of activities in the strategically key markets of Central andEastern Europe (CEE). Progressive operational and business integration intoUniCredito positioned Pekao well to weather the past economic recession inPoland, and to benefit financially from the current economic upswing. Theratings on Pekao are also supported by very good capitalization, earningsimprovement, and strong liquidity." - as among others it had been stated inRationale. The current ratings of the Bank: - the long-term local currency counterparty rating: "A"; - the outlook is "stable"; - the short-term counterparty rating: "A-1". The gradation scale of ratings applied by Standard & Poor's Ratings Services Long-term ratings - Rating of capability to pay long-term liabilities of theBank. The gradation scale for investment level: AAA, AA, A, BBB, and forspeculative level: BB, B, CCC, CC, C, DDD, DD, D. ("AAA" is the highest rating,"D" is the lowest rating). Gradation scale of Outlook from Positive via Stable to Negative. Positiveoutlook means that there is possibility to upgrade the ratings in the future,Stable outlook means that the ratings will remain unchanged, and Negativeoutlook - that there is a possibility to downgrade the ratings. Short-term ratings - Rating of capability to pay short-term liabilities of theBank. The gradation scale: A-1, A-2, A-3, B, C. ("A-1" is the highest and "C" isthe lowest rating). Legal basis: Section 5 subsection 1, clause 26 of the Ordinance of the Minister of Finance,dated 19 October 2005 re: current and periodical information submitted by theissuers of securities This information is provided by RNS The company news service from the London Stock Exchange