21.04.2017 Fitch: PGNiG assigned with ‘BBB-‘ rating, stable outlook

Fitch Ratings agency assigned Polish Oil & Gas Company (PGNiG) with a Long-Term Foreign Currency Issuer Default Rating of ‘BBB-‘ with stable outlook and a Long-Term Local Currency IDR on the same level. PGNiG was also assigned a National Long-Term rating of ‘A(pol)’ with stable outlook.


It is the first rating for the Polish Oil & Gas Company assigned by Fitch Ratings. The agency has underscored PGNiG’s strong integrated market position in the Polish gas market, low leverage and adequate liquidity. Sizeable share of regulated gas distribution business in Group’s EBITDA counterbalance activities in oil and gas exploration and production business as well as price and volume risk in the gas supply segment.

“The assigned rating is a confirmation of our credibility as well as positive welcome of our strategy which was made public in March,” commented Piotr Woźniak, President of the PGNiG Management Board. “Rating also reflects space for conducting ambitious investment program,” he added.

The agency, according to assumptions of the new PGNiG Group Strategy, accepted the forecast of net debt to EBITDA ratio to stay below 2.0 and maintaining the dividend policy. Fitch has indicated PGNiG’s low leverage and substantial rating headroom in comparison with other Polish utilities.

The rating by Fitch Ratings agency is the second investment rating assigned to PGNiG after Moody’s Investor Service has updated its rating for PGNiG in February 2016 to ‘Baa3’ with stable outlook.