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Moody's Investors Service (Moody's) has today affirmed the Baa2 issuer rating of Polskie Gornictwo Naftowe I Gazownictwo S.A. (PGNiG). The rating action follows the announcement on 14 July  by the listed Polish integrated oil and petrochemicals group Polski Koncern Naftowy ORLEN S.A. (PKN ORLEN, Baa2 positive) that it has signed a Letter of Intent (LoI) with the Polish State Treasury concerning taking capital control of PGNiG.
Frankfurt am Main, July 21, 2020 -- Moody's Investors Service (Moody's) has today affirmed the Baa2 issuer rating of Energa S.A. (Energa). Concurrently, Moody's has affirmed the Baa2 backed senior unsecured ratings and the (P)Baa2 guaranteed senior unsecured EMTN programme rating of Energa Finance AB (publ).
Moody's Investors Service, ("Moody's") has today affirmed the issuer rating of Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN" or "company") at Baa2 and also affirmed the baseline credit assessment (BCA) at baa3. Concurrently, Moody's has also affirmed at Baa2 the rating of the EUR 500 million due 2021 and EUR 750 million due 2023 senior unsecured bonds issued by ORLEN Capital AB (publ) and guaranteed by PKN ORLEN. This will increase PKN ORLEN's business diversification and stability of cash flows, while the intention to finance the transactions mainly by equity will limit the company's leverage at a conservative 2.0x -2.5x adj.