Fitch cuts PGF to BB+(pol), B(pol)

Fitch Ratings said it downgraded Polska Grupa Farmaceutyczna SA's national ratings to long-term BB+(pol) from BBB-(pol) and short-term B(pol) from F3(pol). The outlook remains stable.

Fitch said the downgrade reflects PGF management's return to a more aggressive financial policy, which is evident in its 2004 preliminary results and increased target level of debt to around PLN300 million for 2005 from PLN150 million.

The ratings are supported by PGF's leading position in the Polish pharmaceutical wholesale market, its national wholesale distribution network and extended retail operations with 300 Polish pharmacies, according to Fitch.

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