Affirmation of Energa SA's rating by Moody's

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  • Current reports
Title: Affirmation of Energa SA's rating by Moody's
Date: 2021.24.09
Report no.:  Current Report No. 32/2021

Current Report No. 32/2021

Date: 24 September 2021

Subject: Affirmation of Energa SA's rating by Moody's

Legal basis: Article 17(1) MAR - inside information.

The Management Board of Energa SA ("Company", "Issuer") informs that on 23 September 2021 the rating agency Moody's Investors Service ("Agency", "Moody's") issued a credit opinion in which it affirmed the Company's Long-Term Issuer Ratings - Domestic Currency at "Baa2" with a Stable Outlook.

The Agency justifies the rating by low business risk of the Distribution Business Line which has a dominant share in the Group's EBITDA and operates in well-established regulatory framework, and the Company's forecast moderate leverage. Simultaneously, Moody's indicates that the impact of the above factors on awarded rating is balanced by the higher business risk profile of the Generation and Sales Business Lines, and the investment plan for 2021-2030 which, in Agency's opinion, is likely to increasingly weigh on the Company's currently strong financial profile. The Company's rating assessment also includes the credit profile of its strategic shareholder, i.e. PKN ORLEN S.A.

The Agency's full report is available on the Moody's website. The rating was awarded at the request of the Issuer.

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