Moody's ups, withdraws PGNiG rating

Moody's Investors Service said it upgraded the long-term issuer rating of Polskie Gornictwo Naftowe I Gazownictwo SA (PGNiG) to A3 from Baa2. The outlook remains stable. After this rating action, Moody's plans to withdraw the A3 rating and the stable outlook of PGNiG.

The upgrade and planned withdrawal follow PKN Orlen SA reporting that the merger with PGNiG has been consummated.

“The merger is effected by the transfer of all of PGNiG's assets and liabilities to PKN Orlen by way of universal succession, thus ending PGNiG's status as independent legal entity. The rating upgrade aligns PGNiG's rating with that of PKN Orlen and thus reflects its absorption by PKN Orlen,” Moody’s said in a press release.

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