16.05.2017 Moody’s affirmed PGNiG’s Baa3 issuer rating with stable outlook

In its ratings rationale, Moody’s indicated strong financial standing of GK PGNiG, stable cash flows stemming from Distribution and Storage segments’ activities, as well as the Group’s dominant position on the Polish natural gas market.

The stable rating outlook reflects Moody’s expectation that PGNiG’s financial ratios will remain well positioned. The agency positively evaluated PGNiG’s well balanced strategy of gas imports diversification and further development of stable, regulated segments of operation. Moody’s also emphasized the financial capacity of the Group to increase the total hydrocarbon production by over 40% over the 2017-22 period, as included in the latest PGNiG strategy for the given period. According to plans, the output is to be increased by 10% in Poland, and at least doubled abroad, mainly in the Norwegian Continental Shelf and Pakistan.

– The Baa3 rating by Moody’s, following the BBB- rating assigned by Fitch in April is yet another confirmation of a solid financial foundation for stable development – commented Piotr Woźniak, President of the PGNiG SA Management Board – The new 2017-2022 PGNiG strategy, particularly our ambitious investment goals, have been well evaluated by independent institutions – he added.

In April 2017 Fitch Ratings assigned PGNiG SA a Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) of 'BBB-' with Stable Outlooks. Similarly to Moody’s Investors Service, Fitch Ratings noted a strong and integrated market position of PGNiG Group, as well as its stable financial standing.

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