Fitch hikes PKN Orlen

Fitch Ratings said it upgraded PKN Orlen SA's long-term issuer default and senior unsecured ratings to BBB+ from BBB- and removed it from rating watch positive.

“The upgrade follows the closing of the merger with the Polish majority state-owned integrated utility Polskie Gornictwo Naftowe i Gazownictwo SA (PGNiG, withdrawn) and recent M&A transactions,” Fitch said in a press release.

The outlook is stable.

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