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Fitch Ratings affirmed Enea’s ratings

30.11.2016

Fitch Ratings affirmed the "BBB" long-term ratings for the Company in foreign and local currency and the long-term national rating at "A+(pol)". The outlook of the ratings is stable.

The affirmation reflects the high share of the regulated electricity distribution business in Company's EBITDA, the segment with good cash flow visibility. According to the Agency's expectations funds from operations (FFO) adjusted net leverage will rise to about 3x in 2017-2019 on the back of the large capex plan from 1.9x in 2015. FFO adjusted net leverage of 3x is viewed as a maximum level for the current ratings.

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Having in mind the diverse and international nature of Enea SA's shareholding, and also the provisions of the Best Practices of WSE Listed Companies, Enea SA guarantees the availability of its website also in English. In case of any interpretation doubts and discrepancies between the Polish and English versions, the Polish version shall prevail.