Fitch Ratings upgraded PKN ORLEN’s rating

PKN ORLEN S.A. ("Company") informs that on 9 November 2022 Fitch Ratings (“Agency”) upgraded issuer rating of PKN ORLEN S.A. (“Long-Term Issuer Default Rating”) from the level of “BBB-” to “BBB+” with the stable outlook. The upgrade of rating is a result of closing of the merger between PKN ORLEN S.A. and PGNiG S.A. as well as closing of the other recent merger and acquisitions transactions.

With reference to the change of the long-term rating of the Company the Agency also upgraded the other ratings of the Company and its debt:

• the Company’s Short-Term Issuer Default Rating from “F3” to “F2”

• the Company’s Local Currency Long-Term Issuer Default Rating from „BBB-” to „BBB+”

• the Company’s Local Currency Short -Term Issuer Default Rating from “F3” to “F2”

• the Company’s National Long-Term rating from “A(pol)” to “AA+(pol)”

• the rating of the medium term Eurobonds programme up to the amount of EUR 5,000 million, established by PKN ORLEN and issue of EUR500 million maturing in 2028 („senior unsecured Long Term”) from „BBB-” to „BBB+”

• the rating of issue of EUR750 million maturing in 2023, issued by ORLEN Capital AB and guaranteed by PKN ORLEN („senior unsecured Long Term”), from „BBB-” to „BBB+”

• the national rating of retail bond series B  maturing in December 2022 („senior unsecured National Long-Term”) from “A(pol)” to “AA+(pol)”.