Assessment of PGNiG creditworthiness by rating agencies

Credit rating is an evaluation of the creditworthiness of a business entity or of the risk associated with various financial instruments. Credit ratings are assigned by credit rating agencies, which apply a rating scale with letter and number designations and plus or minus signs to adjust the rating upwards or downwards.

PGNiG received two rating outlooks listed below:

Agency* Rating Outlook The last update
Fitch Ratings BBB- stable 09.10.2018
Moody's Investors Service Baa3 stable 16.05.2017

The previous rating of Fitch Ratings:
"BBB-", outlook "stable"

The previous rating of Moody's Investors Service:
"Baa3", outlook "stable"
"Baa2", outlook "negative"
"Baa1", outlook "negative"
"Baa1", outlook "stable"


* On January 29th Standard & Poor's withdrew the rating "BBB-", outlook "stable" at the issuer's request.