Fitch: PGE Polska to improve

Fitch Ratings said that PGE Polska Grupa Energetyczna SA's (BBB+/stable/senior unsecured A-) recent IPO and substantial equity increase will improve the financial profile of Poland's largest electric utility ahead of a significant increase in capital expenditure in 2010-2012.

" PGE Polska's stable outlook could be revised to a positive outlook in the medium term if the equity increase is followed by progress on group integration, operating cost optimization and a reduced structural subordination of PGE Polska's debt," said Arkadiusz Wicik, director in Fitch's energy, utilities and regulation team.

"However, any potential change in the outlook will also depend on PGE Polska's long-term capex plans for 2013-2015 and related funding."

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