Fitch rates Energa BBB-

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

The outlook is stable.

The ratings reflect Energa Group's, comprising Energa and its subsidiaries, EBITDA profile with a high contribution from its relatively stable regulated electricity distribution business, according to the agency.

Energa's EBITDA margin is substantially lower than that of peers with business profiles more tilted toward generation, the agency noted.

Fitch said it forecasts the group's net debt-to-EBITDA ratio will rise to about 2.5 times by year-end 2014 from almost zero at the end of September.

Energa's ratings reflect its vertically integrated operations, although its scale is smaller than that of its Polish peers and Energa lacks a mining segment and has weaker generation assets, the agency added.

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