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Announcement:

Moody's affirms PGE's A3 rating; stable outlook

16 Sep 2010

London, 16 September 2010 -- Moody's Investors Service has today affirmed the A3 long-term issuer rating of PGE Polska Grupa Energetyczna S.A. (PGE), the holding company for the leading Polish vertically integrated electricity group. The outlook is stable.

The rating affirmation follows the announcement on 15 September 2010 that PGE has agreed with the Polish Ministry of Treasury to buy an 84.19% of the shares in Energa S.A., one of the other main electricity companies in Poland, for the price of PLN7.5 billion or PLN1.8 per share.

In Moody's view, the acquisition of Energa, whose activities focus mainly on electricity distribution and supply and generation from renewable sources, will strengthen PGE's business profile by increasing its downstream vertical integration and balancing its currently long generation position. Furthermore, it will increase the share of regulated activities in PGE's cash flow generation and slightly improve its generation mix by adding renewable generation sources.

Moody's regards PGE's financial profile and liquidity position as sufficiently strong to absorb at the current rating level the impact of the acquisition of Energa, which is expected to be financed from both company's own resources and additional borrowings. Moody's cautions that over the medium term, the development of PGE's financial profile will be dependent on the company's ability to adjust its future capex plan and indebtedness according to the development of its operating performance, cash flow generation and dividend payout. Moody's expects that PGE will develop its sizeable investment plan taking into account the Energa acquisition, both in terms of the investment requirements of the businesses to be acquired and the financial impact of the transaction. Thus Moody's expects PGE to maintain its debt coverage metrics above the minimum levels commensurate with the current rating (FFO interest cover of 6x, FFO/Net Debt of 40% and RCF/Net Debt of 30%) over the medium term and maintains a stable outlook on the company's A3 rating.

Moody's notes that PGE could enjoy some additional financial flexibility from the planned sale of non-core assets, such as shares in telecommunication companies Polkomtel S.A. or Exatel S.A.. Furthermore, Moody's has not assumed any significant benefit from potential synergies associated with the Energa acquisition as the existence of long-term employment guarantees may constrain the execution of any significant restructuring measures, at least in the short term.

The principal methodology used in rating PGE was the Unregulated Utilities and Power Companies rating methodology published in August 2009. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found on Moody's website.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

Headquartered in Warsaw, Poland, PGE, the major Polish electricity group involved in lignite mining, electricity and heat generation, wholesale trade, distribution and supply, generated 53.8TWh of electricity, served over 5 million retail customers and generated EUR5 billion in revenues in the year ended December 2009. Following its listing on the Warsaw stock exchange, PGE is approximately 79% owned by the government of Poland with the remainder free float.

Prague
Richard Miratsky
Vice President - Senior Analyst
Infrastructure Finance
Moody's Investors Service Limited Czech Branch
Telephone: +420-22-422-2929

London
Monica Merli
MD - Infrastructure Finance
Infrastructure Finance
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Investors Service Ltd.
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Moody's affirms PGE's A3 rating; stable outlook
No Related Data.
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