Fitch lifts Polskie Koleje to BBB+

Fitch Ratings said it upgraded the Polskie Koleje Panstwowe SA's long-term foreign and local currency issuer default ratings to BBB+ from BBB following a reassessment of the company's credit linkage with Poland.

Simultaneously, the agency upgraded the national long-term rating to AA(pol) from A+(pol).

All ratings have stable outlook.

Fitch said the upgrade reflects the change in criteria it uses to rate Polskie Koleje, in order to better reflect the entity's policy role. Using the Public Sector Entity (PSE) criteria, the agency said it reassessed Polskie Koleje’s credit link with the sovereign, the sole owner.

Fitch had previously rated Polskie Koleje using its Corporate Parent and Subsidiary Linkage criteria.

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