Moody’s changes PGE’s rating and assigns a rating for Eurobonds program

The Management Board of PGE Polska Grupa Energetyczna S.A. (“PGE”) discloses that on May 26, 2014 Moody’s Investors Service Inc. („Moody’s) downgraded PGE's long-term rating from A3 with stable outlook to Baa1 with stable outlook. As a rationale of the rating action Moody’s indicated the execution risk associated with PGE’s investment plans and the related funding requirements in the context of the weak levels of wholesale power prices and uncertainty around development of energy markets in Poland.

Moody’s has also assigned a provisional rating of (P)Baa1 to PGE Sweden AB (publ)'s EUR 2,000,000,000 billion Euro Medium Term Note Programme, about which PGE informed in its current report no. 24/2014 dated May 22, 2014.

Baa ratings are investment ratings and belong to medium-grade category that is characterised by moderate credit risk.

The full content of the statement issued by Moody’s 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).