Fitch affirms PKN Orlen

Fitch Ratings said it affirmed Polish downstream oil company PKN Orlen SA's ratings at senior unsecured BBB and short-term F3 and removed them from Rating Watch negative.

The outlook is stable.

Fitch said the affirmation reflects PKN's efforts to mitigate likely deterioration of the company's business and financial profile due to the acquisition of Czech downstream oil company Unipetrol, a.s. planned for January 2005. These include significant decrease in PKN's net debt levels in 2004, cost reduction program underway as well as planned disposals of a major part of Unipetrol's volatile petrochemicals businesses following the acquisition.

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