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Current Report No. 41/2016

14.11.2016 16:30

Fitch affirms TAURON Polska Energia S.A.’s ratings and revises outlook from negative to stable

The Management Board of TAURON Polska Energia S.A. (“Company”) informs that on 14 November 2016 Fitch rating agency (“Agency”, “Fitch”) affirmed the long-term foreign and local currency ratings at “BBB” and revised outlook from negative to stable.

According to Fitch the outlook revision reflects Tauron's measures to support the company's financial profile over the next five years, including a reduction of long-term planned capex and management's plan of no dividends until 2019.

The stable outlook also reflects the reduced risk of covenant breach and improved medium-term liquidity since 4Q15 when the outlook was revised to negative.

The full list of ratings includes:
• Long-term foreign and local currency Issuer Default Ratings (IDR) at "BBB”, outlook revised to stable from negative,
• Short-term foreign and local currency IDRs affirmed at "F3”,
• National long-term rating affirmed at “A+(pol)”; outlook revised to stable from negative,
• National senior unsecured rating affirmed at ”A(pol)”.

Article 17 paragraph 1 MAR – inside information

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