Fitch affirms rating for ENERGA

Fitch Rating Agency has affirmed its long-term ratings for ENERGA SA at ‘BBB’ (on the international scale) and ‘A (pol)’ (on the national scale) with a stable outlook for both.

The Agency justified its decision to affirm the rating for ENERGA SA with a high share of the regulated distribution business in the Company’s EBIDTA, which contributes to cash flow predictability. The Agency also acknowledged ENERGA’s progress in arranging external funding for capex and ample liquidity. Attention was also paid to additional factors, such as a relatively stable regulatory framework, as well as the Company’s accelerated development of power generation from renewables.

In October 2012, the Agency upgraded the Company’s rating to BBB (on the international scale), with a stable outlook, thanks to its improved financial flexibility as a result of the changes implemented in the Company’s long-term investment programme, greater focus on the distribution business and reduced debt growth dynamics until 2015.

“The stability of our rating is an important positive sign confirming the effectiveness of ENERGA Group’s operations” said Roman Szyszko, Executive Vice President of the ENERGA SA Management Board, Chief Financial Officer. “The agency sees our strategy of diversification of the sources of acquisition of capital, including the issue of Eurobonds and agreements with the EIB and EBRD, not only as a source of financing, but also as a guarantee of long-term financial stability”.

Since 2011, ENERGA Group has been subject to an annual credit rating review by Fitch Ratings and Moody’s Investors Service.


The current Investment Programme of ENERGA Group covers potential investments with a value of ca. PLN 19.7 billion, to be executed between 2013 and 2021. Out of that amount, ca. PLN 15.9 billion represents investments into projects considered important from the perspective of the execution of strategies which only to a limited degree depend on external factors, and especially on such factors as regulatory changes or market conditions. These mainly include projects which will step up the effectiveness of the distribution business and the Groups’ RES generation and co-generation capacity, with total expenditure on distribution in the amount of ca. PLN 12.5 billion, ca. PLN 1.7 billion for RES, PLN 1.1 billion for a baseline power plant and CHP and ca. PLN 0.6 billion for other investments. Other projects, with expenditure at the level of ca. PLN 3.8 billion and with an 82% share of RES, include optional investment projects depending on market and regulatory conditions, whose implementation in every case will depend on the results of feasibility studies and cost-effectiveness analyses, as well as the risks associated with its implementation.


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