S&P lifts PGNiG to stable

Standard & Poor's said it revised the outlook on Polish Oil & Gas Co. SA to stable from negative and affirmed the BBB+ long-term corporate credit rating.

"The outlook revision reflects our view that despite PGNiG's high level of investment and expected weak 2011 financial results, the group will be able to sustainably achieve credit ratios in line with the current rating over the medium term," said S&P credit analyst Tuomas Ekholm in a news release.

The agency said its ratings on PGNiG reflect its view of the group's position as the dominant domestic gas supplier in Poland.

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