Fitch lowers Energa

Fitch Ratings said it downgraded Energa SA's long-term foreign- and local-currency issuer default ratings to BBB- from BBB.

The ratings were removed from rating watch negative and the outlook is stable.

The agency said the actions reflect an assessment of the strong links between Energa and its new parent PKN Orlen SA (BBB-/stable), following a successful tender offer for Energa's shares, under Fitch's parent and subsidiary linkage rating criteria.

As a result, Energa's ratings are constrained by those of the consolidated credit profile of PKN Orlen.

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