Warsaw, 4 August 2011 - Fitch Ratings has affirmed its IDR for PGE Polska Grupa Energetyczna S.A. at BBB+ with a stable outlook, and, in consequence of changes in the applied methodologies, has changed the Company's senior unsecured rating to BBB+ with a stable outlook.
This downgrade in the senior unsecured rating to BBB+ from previous A- is related to Fitch's adoption of a new, more restrictive methodology for the rating of public utilities. According to the new rating criteria, a utility's senior unsecured debt may be rated 1 notch above its long-term IDR if around 50% or more of its cash flows is generated by regulated activities. In consequence of these changes, senior unsecured ratings of 8 European utilities have been downgraded. The full text of Fitch Ratings' press release is available on PGE's web site at www.pgesa.pl, under "Investors Relations". Information on PGE Capital Group: The PGE Capital Group is the largest power company in Poland and one of the largest in Central and Eastern Europe. It is a very important element in Poland's energy security system. The PGE Capital Group has a 40% share in Poland's power generation market, and a 25% share in the electricity distribution market. One of the most important principles followed by the PGE Capital Group is sustainable development. PGE is a reliable company whose operation is based on the highest corporate standards.