“Fitch’s rating of BBB+, the highest among Polish energy groups, confirms our creditworthiness. The agency’s opinion is also an important argument in the context of the decision to recapitalize the company, which should enable the acceleration of the PGE Group’s investment processes and allow for a quicker transition to low- and zero-emission power generation,” says Wojciech Dąbrowski, President of the Management Board, PGE Polska Grupa Energetyczna.
“The first dozen or so meetings with institutional shareholders are already behind us. I hope that investors will perceive our plans and their impact on the future performance of the PGE Group as positively as the rating agency Fitch does,” adds Wojciech Dąbrowski.
Fitch’s rating reflects the business profile of the PGE Group, which is Poland’s largest integrated energy group based on distribution and generation businesses, and its moderate level of debt. The main factors positively influencing the rating are the PGE Group’s strategy assuming a change in the Group’s profile towards renewable and low-emission sources, stable revenues from regulated businesses such as electricity distribution and the power market.
Furthermore, Fitch has given a positive rating to PGE Polska Grupa Energetyczna’s planned new share issue, the proceeds from which are to be used for the development of distribution assets, renewable and low-emission generation sources.