Moody's rates PBG B2

Moody's Investors Service said it assigned PBG SA first-time corporate family and probability of default ratings of B2.

The outlook is stable.

The ratings reflect PBG's leading position in the Polish construction market, which is characterized by language and cultural barriers to entry, Moody's said.

Foreign competitors have demonstrated that they are more likely to partner with Polish firms when tendering for business rather than compete on their own, the agency said.

Despite its relative size advantage among domestic players, the scale of PBG's business remains relatively small in comparison to its global rated peers, Moody's added.

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