Fitch rates PGNiG BBB-

Fitch Ratings said it assigned long-term foreign- and local-currency issuer default ratings of BBB- to Polskie Gornictwo Naftowe i Gazownictwo SA (PGNiG).

The outlook is stable.

The ratings reflect PGNiG's integration and strong market position in the Polish gas market, low leverage and adequate liquidity, Fitch said.

The ratings benefit from the regulated gas distribution business's sizable share of EBITDA, the agency said.

Constraints on the ratings include large exposure to oil and gas exploration and production business and to price and volume risk in the gas supply segment, Fitch said.

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