TEXT-Fitch asgns rtgs to Poland-based bank Gospodarstwa Krajowego's debt issuance programme

Fri Nov 9, 2012 6:15am EST

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(The following statement was released by the rating agency)

Nov 09 - Fitch Ratings has assigned Poland-based Bank Gospodarstwa Krajowego's (BGK) PLN7.0bn Debt Issuance Programme the following senior unsecured debt ratings: Long-Term foreign currency rating of 'A-', Long-Term local currency rating of 'A' and National Long-Term rating of 'AAA(pol)'.

Fitch notes that there is no assurance that notes issued in the future under the programme will be assigned a rating, or that the rating assigned to a specific issue under the programme will have the same rating as the programme rating.

Fitch has simultaneously assigned an expected Long-term local currency rating of 'A(EXP)' and Long-term National Rating of 'AAA(pol)(EXP)' to the forthcoming issue of up to PLN1.0bn of five-year local currency senior unsecured bonds maturing in January 2018 issued under the programme.

The expected rating is in line with BGK's Long-term local currency Issuer Default Rating (IDR) and National Long-Term Rating, which is driven by potential support from the Polish sovereign, given the bank's full direct state ownership and policy role. BGK's ratings are equalised with those of the sovereign and share its Stable Outlook. Changes in the ability or propensity of the Polish state to support the bank would have a direct impact on BGK's ratings.

BGK is rated as follows:

Long-Term foreign currency IDR 'A-' with Stable Outlook

Short-Term foreign currency IDR 'F2' Long-Term

local currency IDR 'A' with Stable Outlook

Support Rating '1'

National Long-Term rating 'AAA(pol)' with Stable Outlook

National Short-Term rating: 'F1+(pol)'

Senior unsecured debt assigned Long-term foreign currency IDR of 'A-'

Senior unsecured debt assigned Long-term local currency IDR of 'A'

Senior unsecured debt assigned Long-term National rating of 'AAA(pol)'

Senior unsecured bonds assigned an expected Long-term local currency rating of 'A(EXP)'

Senior unsecured bonds assigned an expected National Long-term rating of 'AAA(pol)(EXP)'

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