Fitch affirms Elektrownia Turow

Fitch Ratings said it affirmed Elektrownia Turow SA's senior secured B- rating and removed it from Rating Watch negative. At the same time, the agency affirmed the long-term B- rating on the company's debt secured by power purchase agreement-backed revenues, including Elektrownia Turow BV's €270 million guaranteed secured bonds maturing in 2011 and removed it from Rating Watch negative.

The outlook is negative.

Fitch said the rating actions follow a review of recent developments and reflect Fitch's expectations of extended delays to the government's plan to cancel power purchase agreements beyond the three- to six-month term normally associated with Rating Watch.

The rating was downgraded from BB and put on watch on Sept. 12, 2003 to reflect the increasing probability that Elektrownia Turow's power purchase agreements will be unilaterally cancelled as part of the restructuring of the Polish power sector.

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