Fitch affirms PKP Intercity

Fitch Ratings said it affirmed PKP Intercity SA's long-term foreign and local currency issuer default ratings at BBB+.

Simultaneously, Fitch affirmed the company's national long-term rating at AA(pol).

The outlook is stable.

Fitch said it rates PKP Intercity using its government-related entities criteria.

Based on an assessment of the strength of the linkage and incentive to support by the company's ultimate owner, the Polish state, Fitch said it applies a top-down rating approach.

This, in combination with the company's standalone credit profile, leads to the issuer default ratings being notched down once from those of Poland (A-/stable), Fitch explained.

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