Fitch puts Energa on positive watch

Fitch Ratings said it placed Energa SA's BBB- long-term issuer default rating on rating watch positive on the planned merger of Energa's controlling shareholder, Polski Koncern Naftowy Orlen SA, with Grupa Lotos SA and Polskie Gornictwo Naftowe i Gazownictwo SA.

The placement reflects those actions taken for PKN Orlen's ratings, which Fitch placed on positive watch on Monday.

“Energa's IDR is constrained by PKN Orlen's BBB- due to strong links between the two, and therefore an upgrade of PKN Orlen to BBB would result in a similar rating action for Energa,” Fitch said in a press release.

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