Fitch has downgraded the financial strength rating of Poland’s top listed bank Pekao from C to C/D on lowered asset quality. Pekao, a unit of Unicredito Italiano, “has experienced significant deterioration in asset quality, with a strong increase in irregular loans, especially in the ‘lost’ category,” Fitch explained. “Furthermore, the reserve coverage of lost loans fell to 65 percent at end-June 2002, a substantially lower level than in 2000,” Fitch added, quoted by Bluebull. The agency predict...

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