Fitch raises Energa, gives bonds A(pol)

Fitch Ratings said it has upgraded Energa SA's long-term foreign and local currency issuer default ratings to BBB from BBB- and national long-term rating to A(pol) from A-(pol).

The outlooks are stable.

Fitch has also assigned Energa foreign and local currency senior unsecured ratings of BBB and a national senior unsecured rating of A(pol), the agency noted.

The agency said it has also assigned a local currency senior unsecured rating of BBB and a National senior unsecured rating of A(pol) to Energa's PLN 4 billion domestic bond issue program and an expected local currency senior unsecured rating of BBB(exp) and an expected national senior unsecured rating of A(pol)(exp) to an upcoming bond issue planned to be launched within this program.

The upgrade of Energa's ratings is driven by its improved financial flexibility driven the by recent changes in its long-term capex plan, increased focus on the distribution segment and slower than previously expected increase in projected leverage by 2015, according to Fitch.

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