Fitch: PGE unchanged

Fitch Ratings said there is no immediate pressure on the ratings of PGE Polska Grupa Energetyczna SA (BBB+/stable/senior unsecured A-) due to the prospective acquisition of an 84.19% stake in Energa SA for 7.5 billion Polish zloty.

The agency said the acquisition is credit neutral to PGE in the short to medium term due to PGE's strong financial profile and its net cash position of 3.9 billion zloty at the end of June.

However, the acquisition may constrain PGE's capex growth in 2013-14 so that leverage will not exceed management's medium-term target for a maximum net debt-to-EBITDA ratio of 2.5 times, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.