Fitch Ratings upgraded PKN ORLEN’s national long-term rating

Polski Koncern Naftowy ORLEN S.A. ("PKN ORLEN") hereby informs that on 3 August 2016 Fitch Ratings (“Agency”) has upgraded PKN ORLEN’s national long-term rating and national senior unsecured rating (referred also to series A, B, C, D, E and F retail bonds, issued within the public bond issue programme) from “A-(pol)” to “A(pol)”. The change of national rating of PKN ORLEN follow the recalibration of the Polish national rating scale driven by the downgrade of Poland's long-term local currency Issuer Default Rating (“IDR”) assigned by the Agency.

A full list of ratings assigned by the Agency is following:

1) Referred to PKN ORLEN:

- National Long-term rating upgraded to 'A(pol)' from 'A-(pol)'; Stable Outlook;

- National senior unsecured rating upgraded to 'A(pol)' from 'A-(pol)';

- Long-term foreign currency IDR: 'BBB-'; Stable Outlook;

- Long-term local currency IDR 'BBB-'; Stable Outlook;

- Short-term foreign currency IDR: 'F3';

- Short-term local currency IDR: 'F3';

- Foreign currency senior unsecured rating: 'BBB-';

- Local currency senior unsecured rating: 'BBB-'.

2) Referred to ORLEN Capital AB:

- Foreign currency senior unsecured rating: 'BBB-'.

PKN ORLEN owns 100% of the registered capital of ORLEN Capital AB. 

See also: regulatory announcement no 320/2013 dated 30 August 2013 and correction of regulatory announcement no 320/2013 dated 19 September 2013.