Moody’s lifts Energa

Moody’s Investors Service said it upgraded Energa SA’s issuer rating to Baa1 from Baa2 and the backed senior unsecured rating Baa1 from Baa2 of Energa Finance AB. The agency also boosted Energa Finance’s medium-term note program rating to (P) Baa1 from (P) Baa2. The outlook on both companies was changed to stable from positive.

“The upgrade to Baa1 reflects the deeper integration of Energa into its higher-rated parent company Orlen SA (Orlen, A3 stable), which owns 90.92% of Energa. Moody's expects Orlen to continue to provide support, which will benefit Energa's credit quality. Orlen drives to a large extent Energa's financial strategy and risk management, including capital allocation policies to support its investment program,” the agency said in a press release.

The stable outlook reflects Orlen’s stable outlook, Moody’s said.

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