Fitch Ratings on Oct. 18 downgraded the long-term issuer default rating of Pekao Bank Hipoteczny SA to BBB+ from A-, with a stable outlook.

The agency also downgraded the Polish bank's support rating to 2 from 1 and national long-term issuer default rating to AA(pol) from AA+(pol), while affirming its short-term issuer default rating at F2 and national short-term issuer default rating at F1+(pol).

The action reflects the downgrade of parent Bank Pekao SA's long-term issuer default rating to BBB+ from A-.