Fitch rates PGE Polska bonds AA(pol)

Fitch Ratings said it assigned an expected national senior unsecured rating of AA(pol) to PGE Polska Grupa Energetyczna SA's upcoming domestic bonds.

The upcoming bonds will be issued within the 5 billion Polish zloty bond issue program for about 1 billion in Polish zloty.

The bonds will constitute senior unsecured obligations of PGE and have a maturity of seven- to 10-years, Fitch said.

PGE won capacity auctions held in the fourth quarter of 2018 and will receive capacity payments from 2021, the agency said.

The introduction of capacity payments in Poland is a positive development for the company as it will improve the return on investments in new power blocks and provide additional revenue for existing assets, Fitch said.

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