Moody's downgrades PGNiG

Moody's Investors Service said it downgraded the issuer rating of Polskie Gornictwo Naftowe i Gazownictwo SA and the senior unsecured rating of its guaranteed subsidiary PGNiG Finance AB (publ) to Baa2 from Baa1.

The outlook is negative.

Moody's said the rating action reflects the sharp deterioration in PGNiG's credit metrics from the solid levels achieved in 2011.

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