This time after falling assess the reliability of Polish rating agency Standard & amp; Poor’s issued its opinion on the biggest Polish insurer.
S & amp; P downgraded the company from “A” to “A-”. As reported by the agency, the decision is related to an earlier reduction Polish rating from “A-” to “BBB +”. The last step the agency in Poland provoked a political storm. Also contributed to declines in the stock market and the significant weakening of the zloty.
According to the S & amp; P, this time the downgrading of the largest Polish insurer has no relation to its financial condition. This decision is probably not the end: “When you cut the rating of Polish, S & amp; P will probably be gradually lowered the rating and outlook issuers of Polish” – give analysts of Raiffeisen Polbank. For such a scenario also pointed out in money.pl.
You have to admit, however, that PZU is the last in a somewhat difficult situation. As noted by Mariusz Puchałka, an analyst with DM ING Securities, due to competition, the total collected premiums does not cover the payment of benefits and compensation. “Previously, the bulk of the profits came from the bond market, now yields rise, which lowers the odds of bonds. Negative impact on the company’s finances will also affect the tax on financial institutions” – says Mariusz Puchałka.
In recent weeks also shows that investors themselves very wary of PZU shares. Since the beginning of the insurer’s share price had already fallen by about 10 percent, and within twelve months by about a third.
This week we met at the same time the name of the new CEO of PZU, who replaced in this position by Andrzej Klesyk. It’s Michal Krupinski, who in 2006-2007 was deputy minister of the treasury. Since 2011 he served as CEO of Merrill Lynch, Poland and head of investment banking for Central and Eastern Europe at Bank of America Merrill Lynch. There he was responsible for overseeing and managing projects mergers and acquisitions, financing for private and public markets.
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