Fitch lowers PKP Intercity view to stable

Fitch Ratings said it revised the outlook on PKP Intercity SA's long-term foreign-currency issuer default rating to stable from positive and affirmed it at BBB-.

The agency also said it affirmed Polskie Koleje Panstwowe SA's long-term foreign-currency issuer default rating at BBB with a stable outlook.

The outlook revision reflects the revision of the outlook on Poland's long-term foreign- and local-currency issuer default ratings to stable from positive.

The ratings on PKP Intercity are assessed three notches below the country's long-term foreign- and local-currency issuer default ratings due to its strong legal links with the state, Fitch said, and the state's involvement as the company's majority shareholder.

Fitch said it assesses Polskie Koleje Panstwowe's ratings at two notches below Poland's long-term foreign- and local- currency issuer default ratings due to the strong legal links and the financial and operational involvement of the company's sole shareholder, which is the state treasury.

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