Fitch lifts PKN to BBB-

Fitch Ratings said it upgraded Polski Koncern Naftowy Orlen SA's (PKN) long-term foreign currency issuer default rating to BBB- from BB+.

The outlook is stable.

Fitch said the upgrade reflects PKN's improved financial profile, in particular a substantial reduction of debt and better financial flexibility, which support the company's creditworthiness in light of the still difficult conditions for the European oil refining sector.

The upgrade also reflects PKN's strategic focus on the company's financial standing and maintaining credit ratios at moderate levels, which mitigates the high business risk stemming from the cyclicality of PKN's two main business units, refining and petrochemicals

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