Fitch rates Orlen notes BBB-

Fitch Ratings said it assigned an expected senior unsecured rating of BBB- to Orlen Capital AB (publ)'s upcoming issue of euro-denominated notes.

The notes are guaranteed by Polski Koncern Naftowy Orlen SA, Fitch said.

The notes are expected to be used for general corporate purposes, including the repayment of some existing debt, the agency said.

The notes are rated in line with the company's long-term issuer default rating as they represent direct, unconditional and unsecured obligations of the company, Fitch said.

The ratings reflect the company's business diversification with operations in the refining, petrochemical and fuel retail sectors, strong position in the Polish market and moderate leverage, the agency said.

The ratings are constrained by the cyclicality of the refining and petrochemical operations, Fitch said.

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