Bloomberg News

Polish Lenders Decline as Moody’s Cuts Rating of Global Banks

June 22, 2012

Poland’s two biggest banks declined after Moody’s Investors Service cut the credit ratings of 15 global banks.

PKO Bank Polski SA (PKO), the country’s biggest lender controlled by the government, lost 1 percent to 33.36 zloty and Bank Pekao SA (PEO), the Polish unit of UniCredit SpA, retreated 0.7 percent to 142.9 zloty at 10:54 a.m. in Warsaw. The benchmark WIG20 Index (WIG20) decreased 0.6 percent to 2,231.76. Western European lenders own 59 percent of Poland’s banking industry.

Moody’s downgraded 15 lenders yesterday, including JPMorgan Chase & Co., citing their exposure to financial market volatility.

To contact the reporter on this story: Piotr Bujnicki in Warsaw pbujnicki@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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