Moody's ups PGNiG rating

Moody's Investors Service said it upgraded the senior unsecured issuer rating of Polskie Gornictwo Naftowe I Gazownictwo SA (PGNiG) to Baa1 from Baa3, thereby concluding the review for possible upgrade initiated in June.

The outlook is stable.

The rating action is intended to reflect the company's significantly strengthened financial profile, reduced uncertainty over the credit impact of restructuring in the Polish gas sector, lower liquidity and refinancing risks, a clear management strategy for the new operating environment and completion of a very successful initial public offering, the agency said.

At the same time, Moody's said that these positive developments are balanced by a moderate deterioration in the company's business risk profile caused by the forced unbundling of its gas transmission business and its plans for growth in its hydrocarbon exploration and production.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.