Fitch upgrades P4

Fitch Ratings said it upgraded P4 Sp Zoo 's long-term issuer default rating to BB from BB-.

The outlook is stable.

The upgrade reflects P4's strong underlying operating profile including its leading market share by revenue and subscribers in Poland's mobile market, competitive but largely rational market structure, solid cash flow and the stability of the company's balance sheet and financial policy following its initial public offering in 2017, Fitch said.

The company has ascended from market challenger to market leader in a matter of years and has strong financial results, the agency said.

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