Fitch affirms PGE Polska

Fitch Ratings said it affirmed PGE Polska Grupa Energetyczna SA's long-term foreign and local currency issuer default ratings at BBB+ with stable outlook.

“The affirmation incorporates expected capacity payments, reflection of higher CO2 prices in wholesale electricity prices, an advanced stage of construction of the Opole and Turow power plants as well as PGE's expansion in the more resilient heat business,” Fitch said in a news release.

“The ratings also incorporate high capex and acquisitions plans, likely reinstatement of dividends from 2020 and the company's higher carbon footprint than western European peers'.”

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