Fitch: Elektrownia Turow view now evolving

Fitch Ratings said it changed BOT Elektrownia Turow SA's outlook to evolving from negative and affirmed the company's rating at B- for its senior secured debt. Elektrownia Turow BV's €270 million guaranteed secured bonds maturing in 2011 (secured by power purchase agreement - backed revenues) is also affirmed at B-.

Fitch said the outlook change reflects continuing developments in the government's plan to cancel the existing PPAs in the sector - including that of Elektrownia Turow -which, in Fitch's view, decrease the probability of a negative rating impact.

At the same time, the ultimate outcome and rating implications have become more uncertain, the agency said.

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