Fitch rates PKN ORLEN 'BBB' and F3
PKN ORLEN informs that Fitch Ratings Limited has maintained Senior Unsecured Debt and Short-time ratings of ‘BBB’ (triple-B) and ‘F3’, respectively, to PKN ORLEN.
The ratings reflect PKN ORLEN’s strong market leadership in Poland, relatively low debt levels and strong coverage ratios, as well as acquisition of a controlling stake in Unipetrol, the Czech petrochemical group. The ratings point to the fact that combined PKN ORLEN – Unipetrol is capable of improving its efficiency through the synergies in the areas of costs and performance.
Similarly, DI BRE Bank has raised its rating for PKN ORLEN from hold to buy. The bank analysts estimate that PKN ORLEN share price should rise by 20 per cent up to PLN 52 over the next six months. According to Hanna Kedziora from DI BRE Bank, the rating reflects PKN ORLEN over performance in 1Q 2005 and good prospects for 1H 2005 financial results.
Commenting on the ratings, Pawel Szymanski, CFO at PKN ORLEN said:
- PKN ORLEN is successfully implementing its financial plans and costs savings programme. We are happy to have been appreciated for the delivery.
