Moody's drops PKN Orlen

Moody's Investors Service said it has downgraded all ratings for PKN Orlen and its finance subsidiary Orlen Finance AB to Ba1 from Baa3.

The outlook is negative.

This concludes the review for possible downgrade initiated by Moody's on Jan. 20, the agency said, adding that the rating downgrade was prompted by a material deterioration in the operating performance and cash flow generation of the group over the last six to nine months.

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