Fitch revises Polish companies since sovereign change

Fitch Ratings said it downgraded the long-term local-currency issuer default ratings of two Polish corporations and upgraded the national long-term ratings of six Polish companies.

The actions follow the downgrade of Poland's long-term local-currency issuer default rating to A- from A.

The upgrades of the national long-term ratings follow the recalibration of the Polish national rating scale, which driven by the downgrade of Poland's long-term local-currency issuer default rating to A- from A.

Aquanet SA’s national long-term rating also was upgraded to A+(pol) from A(pol) and its long-term issuer default rating was unaffected at BBB.

ENEA SA’s national long-term rating also was upgraded to A+(pol) from A(pol) and its long-term foreign- and local-currency issuer default ratings were unaffected at BBB.

Energa SA’s national long-term rating and national senior unsecured rating were upgraded to A+(pol) from A(pol); its long-term foreign- and local-currency issuer default ratings were unaffected at BBB; and its foreign- and local-currency senior unsecured ratings were unaffected at BBB.

PGE Polska Grupa Energetyczna SA’s national long-term rating and national senior unsecured rating were upgraded to AA(pol) from AA-(pol); its long-term foreign- and local-currency issuer default ratings were unaffected at BBB+; and foreign- and local-currency senior unsecured ratings were unaffected at BBB+.

Polski Koncern Naftowy ORLEN SA’s national long-term rating and national senior unsecured rating were upgraded to A(pol) from A-(pol) and its long-term foreign-currency issuer default rating was unaffected at BBB-, along with its long-term local-currency issuer default rating at BBB-, short-term foreign-currency issuer default rating at F3, short-term local-currency issuer default rating at F3, foreign-currency senior unsecured rating at BBB- and local-currency senior unsecured rating at BBB-. ORLEN Capital AB’s foreign-currency senior unsecured rating also was unaffected at BBB-.

Tauron Polska Energia SA’s national long-term rating and national senior unsecured rating were upgraded to A+(pol) from A(pol); its long-term foreign- and local-currency issuer default ratings were unaffected at BBB; and its short-term foreign- and local-currency issuer default ratings at F3.

PKP Intercity SA’s long-term local-currency issuer default rating to BBB from BBB+ and affirmed its national long-term at A+(pol). Its long-term foreign-currency issuer default rating also was unaffected at BBB.

Polskie Koleje Panstwowe SA’s long-term local-currency issuer default rating was downgraded to BBB from BBB+ and affirmed its national long-term rating at A+(pol). Its long-term foreign-currency issuer default rating was unaffected at BBB and foreign-currency senior unsecured rating at BBB.

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