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PKN Orlen SAMoody's maintains Energa power's rating at 'Baa1' with stable outlook
Moody's rating agency has maintained the long-term local currency rating for Poland's largest energy concern Orlen's subsidiary, power utility Energa at 'Baa1' with a stable outlook and the other ratings related to the company, Energa said in a press release.
"The agency noted that Energa's ratings are supported by, among other things, the company's overall low business risk profile, given that the vast majority of Energa group's revenue comes from its regulated electricity distribution business, and the company's close integration with its strategic shareholder Orlen, which has a higher rating ('A3' with a stable outlook)," Energa said in the press release.
"At the same time, Moody's added that the company's rating level is constrained by, among other things, the higher business risk profile of the group's generation and sales segments and the risk associated with the implementation of a significant investment programme in the coming years," it added.
Energa's CEO Slawomir Staszak, quoted in the press release, stressed that the company is not afraid of changes in the energy sector, but rather sees it as an opportunity for development.
"We are in the midst of an energy transition and our plans for the further development of generation assets and distribution networks are very ambitious. Moreover, in the changes awaiting the energy sector, we see not only challenges but also growth opportunities, primarily in the energy storage segment," CEO Staszak said.
"The stable economic pillars of our capital group, which are regularly confirmed by external financial agencies, allow us to monitor the ongoing investment processes with confidence, while at the same time proceeding with the ambitious strategic goals of the Orlen group," he added.
alk/ ao/