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Prospect News home > News index > List of issuers P > Headlines for Polski Koncern Naftowy Orlen SA (PKN Orlen SA) > News item |
Fitch rates Orlen eurobonds BB+
Fitch Ratings said it assigned Orlen Capital AB's upcoming eurobonds an expected foreign-currency senior unsecured rating of BB+. The bonds are expected to be unconditionally and irrevocably guaranteed by Polski Koncern Naftowy Orlen SA, which has BB+ ratings and a stable outlook.
The rating is contingent on the receipt of final documents.
The proceeds will be used for general corporate purposes.
The bonds contain a negative pledge clause and a change of control put option, Fitch said.
The agency said it believes that a successful issue of long-term eurobonds would extend the company's debt maturity profile and substantially reduce its refinancing risk in 2012, when 7.2 billion in Polish zloty or 65% of outstanding debt becomes due.
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