Fitch affirms PKP

Fitch Ratings said it affirmed Polskie Koleje Panstwowe SA's long-term foreign-currency issuer default rating at BBB, long-term local-currency issuer default rating at BBB+ and national long-term rating at A+(pol) with stable outlooks. Fitch also affirmed the senior foreign-currency rating at BBB.

Fitch assess PKP's ratings as two notches below Poland's long-term local- and foreign-currency issuer default ratings (A/stable/A-) due to the strong legal links and the financial and operational involvement of the company's sole shareholder, the State Treasury, in PKP's operations.

PKP's standalone credit profile is viewed as commensurate with a B rating mainly due to a high level of debt, of which 76% is denominated in foreign currencies, according to the agency.

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