Fitch rates ENEA BBB

Fitch Ratings said it assigned ENEA SA long-term foreign- and local-currency issuer default ratings of BBB and a national long-term rating of A(pol).

The outlook is stable.

The ratings reflect ENEA's vertically-integrated operations in the Polish electricity market, including a leading position in electricity and supply, Fitch said, and a material position in power generation.

ENEA's strong financial profile is characterized by a high cash position of 3 billion in Polish zloty compared to gross debt of 119 million in Polish zloty at the end of 2010, the agency said.

Its creditworthiness benefits from a high contribution to EBITDA of regulated electricity distribution earnings, Fitch said.

The ratings are constrained by the group's limited generation fuel mix diversification, short position in generation and high generation asset concentration, which is unlikely to materially change by 2015, the agency added.

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