Fitch affirms Polski Koncern

Fitch Ratings said it affirmed Polski Koncern Naftowy Orlen SA's long-term foreign- and local-currency issuer default ratings at BB+, short-term foreign- and local-currency issuer default rating at B, foreign- and local-currency senior unsecured ratings at BB+. Fitch also said it removed both long-term issuer default ratings from Rating Watch negative.

A negative outlook was assigned.

The affirmations reflect the company's reduced risk of a material deterioration of its credit profile amid a deep downturn in the refining and petrochemicals industry, the agency said. The company managed to considerably lower its net debt in the fourth quarter of 2009, Fitch said.

The negative outlook reflects Fitch's view that the company's credit ratios will remain under pressure in 2010.

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