Fitch rates PGE Polska bonds AA-(pol)

Fitch Ratings said it assigned a final senior unsecured national rating of AA-(pol) to PGE Polska Grupa Energetyczna SA's 1 billion in Polish zloty domestic bonds.

The company also has a long-term foreign-currency issuer default rating of BBB+, long-term local-currency issuer default rating of BBB+, foreign-currency senior unsecured rating of BBB+, local-currency senior unsecured rating of BBB+, national long-term rating of AA-(pol) and national senior unsecured rating of AA-(pol).

The bonds were issued within the 5 billion bond in Polish zloty issue program, Fitch said.

The bonds constitute senior unsecured obligations of the company. There are no financial covenants included in the bond documentation, the agency said.

The ratings reflect the group's vertically integrated operations in the Polish electricity market, its dominance in power generation and its strong position in electricity distribution and supply, Fitch said.

The ratings also consider its conservative financial profile and ample liquidity, the agency said.

The ratings are constrained by PGE's limited diversification of generation sources compared with most other European utilities rated by the agency, Fitch said.

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