Moody’s gives Bank Zachodni notes Baa1

Moody's Investors Service said it assigned a long-term foreign currency Baa1 senior unsecured debt rating to Bank Zachodni WBK's notes to be issued under its euro medium-term note program.

The outlook is positive.

The program allows for issuances of up to €5 billion of senior and subordinated debt notes.

The agency said the assigned ratings take into account the bank's standalone baseline credit assessment of baa3, Moody's assumption of moderate parental support from parent Banco Santander SA (Spain) which results in one notch uplift from the bank's baseline credit assessment, and the results of the agency's advanced loss given failure analysis, which takes into account the severity of loss faced by the different liability classes in resolution, and which leads to one notch of rating uplift for the bank’s senior unsecured debt ratings.

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