Rating

PZU and PZU Życie are regularly rated by Standard & Poor's Ratings Services (S&P). The rating assigned to PZU and PZU Życie results from an analysis of the financial data, competitive position, management and corporate strategy as well as the country’s financial situation.

Issuer’s rating

PZU and PZU Życie are regularly rated by Standard & Poor’s Ratings Services (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 country financial situation. It also includes outlook, i.e. an assessment of the future position of the Company in the event of specific circumstances.

In 2015 the S&P Rating Agency confirmed the financial strength rating of PZU and PZU Życie at the level of “A” and upheld a stable ratings outlook for both companies.

On 27 April 2015, Standard & Poor’s Rating Services confirmed the financial strength rating of PZU and PZU Życie at the „A” level and maintained a stable level of outlook for both companies.

On 18 December 2015, Standard & Poor’s Rating Services put PZU on its CreditWatch Negative list, as a result of resignation of the President of the Management Board, uncertainty as to the future strategy, and capability to pass the stress test of hypothetical bankruptcy of issuer’s country in connection with PZU investment in consolidation of bank assets in Poland.

On 21 January 2016, Standard & Poor’s Rating Services lowered the financial strength rating of PZU and PZU Życie to the „A-” level with negative outlook for both companies. The decision to lower PZU rating was a consequence of S&P’s downgrading Poland’s rating. Such a move did not result from a change in PZU financial standing.

Country’s rating

On 15 January 2015, Standard & Poor’s Rating Services downgraded Poland’s credit rating from „A-” to „BBB+” for long-term liabilities in foreign currencies, and from „A/A-1” to „A/A-2” respectively for long- and short-term liabilities in local currency. At the same time, the outlook was changed from positive to negative. Justifying its decision, the agency indicated that its analysts believe that legislative initiatives initiated by the new government in Poland will weaken sovereignty and effectiveness of key institutions in the country. The change for negative outlook reflects S&P’s opinion that further downgrading Poland’s rating is likely in the next 24 months if credibility of monetary policy is endangered and deficit in public finances drops below the expectations of agency analysts.

Eurobonds’ rating

On 20 June 2014, Standard&Poor’s 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 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 PZU rating, 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”.

Rating PZU

Poland’s rating

Rating of eurobonds issued by PZU Finance AB (publ)