Fitch puts PKN on watch

Fitch Ratings said it placed Polski Koncern Naftowy Orlen SA's long-term foreign- and local-currency issuer default and senior unsecured ratings of BB+ on Rating Watch negative. The short-term foreign- and local-currency issuer default ratings were affirmed at B.

The action reflects the agency's projections of weak EBITDA and funds from operations for 2009 and 2010 due to the depressed refining environment, according to the agency.

PKN's net debt-to-EBITDA ratio, excluding non-recurring inventory holding gains/losses, deteriorated to 3.5x at the end of June from 2.5x at the end of 2008, Fitch said.

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