Fitch affirms PKN

Fitch Ratings said it has affirmed Polski Koncern Naftowy ORLEN SA's long-term foreign and local currency issuer default ratings at BB+ and the company's short-term foreign and local currency issuer default ratings at B.

Fitch said it has also affirmed PKN's foreign and local currency senior unsecured ratings at BB+.

The agency noted that it has simultaneously removed all the ratings from rating watch negative, which was assigned on Jan. 23 pending a financial covenant issue, and assigned stable outlooks to the long-term foreign and local currency issuer default ratings.

Fitch said that the rating action reflects PKN's reduced liquidity risk as it has resolved the covenant issue, which was related to a number of bank loans accounting for the majority of the company's debt.

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