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Fitch downgrades Bank Pekao's long-term issuer default rating

Fitch Ratings on Oct. 17 downgraded the long-term issuer default rating of Bank Pekao SA to BBB+ from A-, with a stable outlook.

The agency also downgraded the Polish bank's viability rating to "bbb+" from "a-" and affirmed its short-term issuer default rating at F2, support rating at 5 and support rating floor at No Floor.

The downgrade of the viability rating reflects the fall of the bank's capital to a level similar to its peers, which the agency does not consider sufficient to support the rating being above most of its peers. The lowering of the viability rating has driven the downgrade of the bank's issuer default rating.