Polish Oil and Gas Company commented an agreement with Standard & amp; Poor’s Ratings Services, with the result that the agency withdraws the rating assigned to the company – gives PGNiG.
“On 25 January 2016, the company terminated the contract concluded with the Standard & amp; Poor’s Ratings Services Ltd which concerned the credit assessment of the company and bonds issued by PGNiG Finance AB, a subsidiary of the company “- we read in the company.
In the near future S & amp; P withdraws rating assigned by PGNiG, which since 28 November 2012 was BBB- with a stable outlook.
“Please also note that both the company as well as bonds issued by PGNiG Finance AB, all the while hold investment grade assigned by Moody’s Investors Service” – informs the PGNiG.
In recent days, the S & amp; P downgraded the insurance company PZU from “A” to “A-”. As reported by the agency, the decision was related to an earlier reduction Polish rating from “A-” to “BBB +”. The last step the agency in Poland provoked a political storm. Also contributed to declines in the stock market and the significant weakening of the zloty.
As reported by S & amp; P, this time the downgrading of the largest Polish insurer has no relation to its financial condition. This decision is probably not the end: “When you cut the rating of Polish, S & amp; P will probably be gradually lowered the rating and outlook issuers of Polish” – give analysts of Raiffeisen Polbank.
PGNiG is present on the Warsaw Stock Exchange since 2005 r. The Group is engaged in production of natural gas and crude oil in the country, import of natural gas to Polish, storage of gas in underground storage facilities, distribution of gaseous fuels, as well as the deposit development of natural gas and crude oil in the country and abroad and the provision of geological services, geophysical and exploration in Poland and abroad.
PGNiG is not the first entity from Polish, which breaks with the S & amp; P. A week ago the completion of cooperation with the agency, said the bank PKO BP. “Termination of the contract was justified by the fact that the current structure of the balance sheet and related plans for obtaining financing medium and long-term future issuance of bonds mainly on the domestic and European (mostly in euro). Consequently, having paid the ratings of one CRA is adequate to meet financial plans “- informed when the bank.
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