The rating reflects good financial performance andimproved financial liquidity of the PGNiG Group. Specifically, theagency took into consideration the favourable earnings outlook mainlydriven by the exploration and production operations, including anincreased share of domestic production in meeting the demand fornatural gas in Poland.

The decision of Standard&Poor's means that therisk of PGNiG is ranked at a similar level as for other recognisedcorporations in the gas and petroleum industry. As an example, amongthe companies with S&P rating at BBB+ there is the largest Danishenergy corporation - DONG Energy A/S, while such companies as theRussian Lukoil OAO and Gazprom OAO or MOL Hungarian Oil&Gas areranked at a slightly lower level by S&P.

 
The rating of PGNiG from Standard&Poor'scorresponds to the long-term sovereign credit rating issued by theagency for Poland.