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- Moody’s has assigned a provisional (P)Aa3 long-term rating to the Euro-denominated mortgage covered bond to be issued by PKO Bank Hipoteczny, 100% owned by PKO Bank Polski.
Moody's Investors Service (Moody’s) has assigned a provisional (P)Aa3 rating to the Euro-denominated covered bond to be issued by PKO Bank Hipoteczny, which is in line with the Aa3 rating of the outstanding Polish-Zloty-denominated covered bonds of PKO Bank Hipoteczny. The long-term issuer rating of PKO Bank Hipoteczny is still at the level of Baa1 and the counterparty risk (CR) assessment – at the level of A3(cr).
The rating assigned to covered bonds of PKO Bank Hipoteczny is the highest possible rating for Polish securities, which is capped by Poland’s country ceiling of Aa3.
The full text of the statement and report on PKO Bank Hipoteczny S.A.’s covered bonds is available on the Moody’s website (link).
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PKO Bank Hipoteczny is 100% owned by PKO Bank Polski, Poland’s largest bank, and specialises in zloty-denominated housing loans. PKO Bank Hipoteczny’s main purpose is to secure long-term financing by issuing covered bonds. In August 2014, PKO Bank Polski received approval from Poland’s Financial Supervision Authority to set up a mortgage bank, which began operating in April 2015.
A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organisation.