Fitch affirms Polski Koncern Naftowy

Fitch Ratings said it affirmed Polski Koncern Naftowy Orlen SA's long-term foreign and local currency issuer default ratings at BB+, its foreign- and local-currency senior unsecured ratings at BB+ and short-term foreign- and local-currency issuer default ratings at B.

The outlook on the long-term issuer default ratings is stable.

The affirmation reflects the company's improved financial profile, which supports its creditworthiness in light of the difficult conditions for the European oil refining sector, according to the agency.

The company's ratio of net debt to EBITDA, excluding inventory holding gains/losses, but including the Polkomtel dividend, improved to 1.6 times at the end of June, down from 3.8x at the end of December 2009, Fitch noted.

Ratings reflect the company's solid liquidity.

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