Fitch rates Tauron bond A(pol)

Fitch Ratings said it has affirmed Tauron Polska Energia SA’s long-term foreign and local currency issuer default ratings at BBB with stable outlooks.

Fitch said it has also assigned Tauron short-term foreign and local currency issuer default ratings of F3, a national long-term rating of A(pol)/outlook stable and an expected national senior unsecured rating of A(pol)(exp) to a planned bond issue.

The agency stated that the ratings reflect Tauron's leading position in Poland's electricity distribution and strong position in power generation. At the same time, the ratings are constrained by the worsening financial performance of the generation segment, concentrated generation fuel mix and Fitch's forecasts of a weakening of credit metrics for 2014-2018, mostly due to replacement and expansionary capex in the generation segment.

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