BNP PARIBAS BANK POLSKA SA: Akcja ratingowa podjęta przez agencję Fitch Ratings

Rating action taken by Fitch Ratings

current report no. 23/2022

date: 5 August 2022

The Management Board of BNP Paribas Bank Polska S.A. (“Bank”) hereby
informs that on 5 August 2022, the rating agency Fitch Ratings (“Fitch”,
“Agency”) has placed the Viability Rating (VR) of BNP Paribas Bank
Polska S.A. (“bbb-”) on Rating Watch Negative.

The Rating Watch Negative on the Bank’s VR is driven by the downgrade of
the operating environment score for Poland (from “bbb+” to “bbb”) mainly
related to the recently introduced payment holidays on PLN mortgage
loans, the level of intervention by the state combined with the expected
slowdown of the economy.

The Bank’s Issuer Default Ratings (LT IDR at “A+”, with a Stable Outlook
and ST IDR at “F1”) remain underpinned by support of the BNP Paribas
S.A. and are unaffected by this rating action, as the Fitch does not
expect commitment of BNP Paribas S.A. to the Bank to weaken as a result
of recent events.

Fitch will resolve the Rating Watch Negative placed on the VR rating
following a full review of the Bank including an assessment of the
direct impact of the credit holiday on key financial metrics.

The VR of the Bank could be affirmed, if the Agency conclude that the
effect of the downgrade of the operating environment score on Bank’s
business and risk profiles is modest and the cost of credit holiday and
other measures can be absorbed without material deterioration of its key
financial metrics.

Fitch will downgrade the VR for the Bank, most likely by one notch, if
Fitch concludes that the downgrade of the operating environment score
should negatively affect overall assessment of the Bank’s credit
profile, either by itself or in combination with other factors.

The other Bank’s ratings are unaffected by this rating action:

• Long-Term Issuer Default Rating (LT IDR) at the level of “A+”, with a
Stable Outlook,

• Short-Term Issuer Default Rating (ST IDR) at the level of “F1”,

• National Long-Term Rating (Natl LT) at the level of “AAA(pol)”, with a
Stable Outlook,

• National Short-Term Rating (Natl ST) at the level of “F1+(pol)”,

• Shareholder Support Rating (SSR) at the level of “a+”.

The text of the original Fitch Ratings press release is available on the
Agency website.

Legal basis

Article 17 item 1 of the MAR Regulation

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