S&P changed the rating outlook of PZU from "Positive" to "Stable" due to the outbreak of the pandemic

8 April 2020 — Andrei Victor
Polish insurance group PZU (Powszechny Zaklad Ubezpieczen Spolka Akcyjna informed that on 6 April 2020 S&P Global Ratings changed the insurer' rating outlook from "Positive" to "Stable". At the same time, the agency affirmed PZU SA's financial strength rating at an unchanged level of "A-".

The ratings outlook has changed as a result of the deterioration in financial and business conditions in Poland due to the outbreak of the COVID-19 pandemic. According to the agency, this may affect the PZU Group's business; in particular, it may lead to a lower contribution from banking activity. At the same time, the analysts emphasize that the Group's position should continue to be stable.

According to the statement published on PZU website, "this outlook reflects the viewpoint of the agency's analysts that the group will maintain its leading business position in Poland, a strong capital position and a stable result on insurance activity whereby it will be capable of withstanding any further potential deterioration in the business environment. Additionally, the analysts expect that the PZU Group's banking and asset management activity will generate satisfactory results".

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