| Fitch Ratings upgraded PKN ORLEN’s national long-term rating
Regulatory announcement no 205/2016 dated 3 August 2016
Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") hereby informs that on 3 August 2016 Fitch Ratings (“Agency”) has upgraded PKN ORLEN’s national long-term rating and national senior unsecured rating (referred also to series A, B, C, D, E and F retail bonds, issued within the public bond issue programme) from “A-(pol)” to “A(pol)”. The change of national rating of PKN ORLEN follow the recalibration of the Polish national rating scale driven by the downgrade of Poland's long-term local currency Issuer Default Rating (“IDR”) assigned by the Agency.
A full list of ratings assigned by the Agency is following:
1) Referred to PKN ORLEN:
- National Long-term rating upgraded to 'A(pol)' from 'A-(pol)'; Stable Outlook;
- National senior unsecured rating upgraded to 'A(pol)' from 'A-(pol)';
- Long-term foreign currency IDR: 'BBB-'; Stable Outlook;
- Long-term local currency IDR 'BBB-'; Stable Outlook;
- Short-term foreign currency IDR: 'F3';
- Short-term local currency IDR: 'F3';
- Foreign currency senior unsecured rating: 'BBB-';
- Local currency senior unsecured rating: 'BBB-'.
2) Referred to ORLEN Capital AB:
- Foreign currency senior unsecured rating: 'BBB-'.
PKN ORLEN owns 100% of the registered capital of ORLEN Capital AB.
See also: regulatory announcement no 320/2013 dated 30 August 2013 and correction of regulatory announcement no 320/2013 dated 19 September 2013.
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