BW20030723002064  20030723T143618Z UTC


( BW)(BANK-PRZEMYSLOWO)(BPHD) Fitch's Rating for BPH PBK

    Business Editors
    UK REGULATORY NEWS

    WARSAW, Poland--(BUSINESS WIRE)--July 23, 2003--

Current report no. 45/2003

Bank Przemyslowo - Handlowy PBK SA informs that it has been notified
that the Rating Agency Fitch has changed the Bank's support rating
from 3 to 2 due to the change of methodology used by Fitch.

Below please find the definitions of new ratings:

1 denotes:

A bank for which there is an extremely high probability of external
support. The potential provider of support is very highly rated in its
own right and has a very high propensity to support the bank in
question. This probability of support indicates a minimum Long-term
rating floor of `A-'. 

2 denotes:

A bank for which there is a high probability of external support. The
potential provider of support is highly rated in its own right and has
a high propensity to provide support to the bank in question. This
probability of support indicates a minimum Long-term rating floor of
`BBB-'. 

3 denotes:

A bank for which there is only a moderate probability of support
because of uncertainties about the ability or propensity of the
potential provider of support to do so. This probability of support
indicates a minimum Long-term rating floor of `BB-`.

4 denotes:

A bank for which there is a reduced probability of support because of
significant uncertainties about the ability or propensity of any
possible provider of support to do so. This probability of support
indicates a minimum Long-term rating floor of `B'.

5 denotes:

A bank for which external support, although possible, cannot be relied
upon. This may be due to a lack of propensity to provide support or to
very weak financial ability to do so. This probability of support
indicates a Long-term rating floor no higher than `B-' and in many
cases no floor at all.

   Short Name: Bank Przemyslowo
   Category Code: MSC
   Sequence Number: 00007471
   Time of Receipt (offset from UTC): 20030723T153108+0100

    --30--KO/uk*

    CONTACT: Bank Przemyslowo - Handlowy PBK SA

    KEYWORD: POLAND UNITED KINGDOM INTERNATIONAL EUROPE
    INDUSTRY KEYWORD: BANKING
    SOURCE: Bank Przemyslowo

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