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Moody's Investors Service ("Moodys") 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.
Moody's Investors Service ("Moody's") has today placed on review for downgrade the Baa1 issuer rating of Energa S.A. (Energa). Concurrently, Moody's has placed on review for downgrade the Baa1 backed senior unsecured ratings and the (P)Baa1 guaranteed senior unsecured EMTN programme rating of Energa Finance AB (publ). The rating review follows the announcement on 5 December by the listed Polish integrated oil and petrochemicals group Polski Koncern Naftowy ORLEN S.A. (PKN ORLEN, Baa2 stable) that it intends to acquire 100% of Energa's outstanding shares through a tender offer.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Polski Koncern Naftowy ORLEN S.A. Frankfurt am Main, July 16, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Polski Koncern Naftowy ORLEN S.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
In March 2019, Polski Koncern Naftowy ORLEN Spólka Akcyjna (WSE:PKN) released its earnings update. Generally, analyst...
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