Current Report No. 34/2019

Belongs to:

  • Reports

Data: 10 December 2019

Subject: Placing Energa S.A. on Rating Watch Negative by Fitch Ratings

Legal basis:

Article 56.1(2) of the Act on Public Offering – current and periodic reports

 

The Management Board of Energa S.A. (“Company”) hereby informs that on 10 December 2019, following a call for 100% of the Company's shares, announced by PKN Orlen S.A., the Fitch Ratings agency (the “Agency”) published a communication on the Company's ratings.

The Agency announced in the communication that the Company had been placed on the Rating Watch Negative (“RWN”) list with regard to:

  • Company’s long-term foreign and local currency IDRs,
  • hybrid bonds issued by Energa S.A. and
  • eurobonds issued by the subsidiary, Energa Finance AB (publ).

The Agency justifies placing Energa on RWN, among others, by the risk of the Company’s close relationship with the lower rated capital group (BBB-) as a result of the possible acquisition and the risk of breach of the change of control clauses in financing agreements.

Downgrade or removal from the watch list with no impact on the rating will occur depending on the outcome of the call for sale of the Company's shares.

The full wording of the Agency's report is available on the Fitch Ratings website.

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