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S&P rates Weglowa notes B+
Standard & Poor’s said it assigned a preliminary B+ long-term corporate credit rating to Kompania Weglowa SA.
The agency also said it assigned a preliminary B+ rating to the €750 million proposed senior unsecured notes.
The outlook is stable.
The final rating will depend on the company’s ability to issue about €750 million of senior unsecured notes.
The ratings reflect the company’s weak business risk profile and highly leveraged financial risk profile, S&P said.
The ratings factor in two notches of uplift for government-related entity support from its stand-alone credit profile of B-, the agency said.
The ratings also consider the track record of the government providing extraordinary support over the last decade as a strong rating factor, S&P said.
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