Fitch rates PKN ORLEN 'BBB' and 'F3'.

PKN ORLEN S.A. (“PKN ORLEN”), Central Europe’s largest downstream oil company, informs that Fitch Ratings Limited (“Fitch”) has assigned Senior Unsecured Debt and Short-time ratings of ‘BBB’ (triple-B) and ‘F3’, respectively, to PKN ORLEN. The Rating Outlook is Stable. It is the highest rating attributed to a Polish industrial company.

The ratings reflect PKN ORLEN’s strong market leadership in Poland, relatively low debt levels and strong coverage ratios, as well as recent refinery restructuring, which makes it one of the region’s best-equipped facility. The ratings also point to the fact that PKN ORLEN intends to spin-off its production of polymers into 50:50 JV with global polyolefin leader Basell NV resulting in a reduction of risks associated with expansion of petrochemical production. The Fitch’s rating also reflects the absence of exploration and production operations in PKN ORLEN’s business profile, as well as the reliance on only one refining complex.