Affirmation of Issuer Default Rating and change of senior unsecured rating by Fitch Ratings The Management Board of PGE Polska Grupa Energetyczna S.A.
32/2011
04.08.2011 09:23
Art. 56 section 1 p. 2 of Act on Public Offering – current and periodic information
Contents of the report
(“PGE”,
“Company”) informs that on August 4, 2011 Fitch Ratings affirmed the
Company’s Issuer Default Rating (“IDR”) at BBB+ with stable outlook and
changed PGE’s senior unsecured rating to BBB+, as a result of
implementation of new methodology.
The change of senior unsecured rating to BBB+ from A- is connected with
the implementation of new, more restrictive methodology of utilities
assessment, introduced by Fitch Ratings, according to which the issuer
of instruments may obtain rating by 1 notch higher that its IDR, when
around or more than 50% of its cash flows come from regulated
activities. As a result of the change in methodology, senior unsecured
ratings of 8 European utilities were downgraded.
The full content of the statement issued by Fitch Ratings is available
on PGE’s website.
Legal ground: § 32 in connection with § 5 section 1 point 26 of the
Regulation of the Minister of Finance dated February 19, 2009 on current
and periodic information published by issuers of securities and on
conditions under which such information may be recognized as being
equivalent to information required by the regulations of law of a state
which is not a member state. (Dziennik Ustaw of 2009, No. 33, item 259,
as amended).
“Company”) informs that on August 4, 2011 Fitch Ratings affirmed the
Company’s Issuer Default Rating (“IDR”) at BBB+ with stable outlook and
changed PGE’s senior unsecured rating to BBB+, as a result of
implementation of new methodology.
The change of senior unsecured rating to BBB+ from A- is connected with
the implementation of new, more restrictive methodology of utilities
assessment, introduced by Fitch Ratings, according to which the issuer
of instruments may obtain rating by 1 notch higher that its IDR, when
around or more than 50% of its cash flows come from regulated
activities. As a result of the change in methodology, senior unsecured
ratings of 8 European utilities were downgraded.
The full content of the statement issued by Fitch Ratings is available
on PGE’s website.
Legal ground: § 32 in connection with § 5 section 1 point 26 of the
Regulation of the Minister of Finance dated February 19, 2009 on current
and periodic information published by issuers of securities and on
conditions under which such information may be recognized as being
equivalent to information required by the regulations of law of a state
which is not a member state. (Dziennik Ustaw of 2009, No. 33, item 259,
as amended).
Signatures of persons representing the company
| Date | Name | Position and function |
|---|---|---|
| 2011-08-04 11:23:53 | Tomasz Zadroga | President of the Management Board |
| 2011-08-04 11:23:53 | Wojciech Ostrowski | Vice-President of the Management Board |