Current Report No.: 12/2020

Title: ENEA S.A.'s ratings affirmed by Fitch Ratings
Date: 2020.19.03
Report no.:  Current Report No.: 12/2020

Current Report No.: 12/2020

Date of preparation: 19 March 2020

Short name of issuer: ENEA S.A.

Subject: ENEA S.A.'s ratings affirmed by Fitch Ratings

Legal basis: Article 17 item 1 of MAR - confidential information

Content of the report:

The Management Board of ENEA S.A. ("Company") hereby reports that, in its press release issued on 19 March 2020, the Fitch Ratings agency ("Agency") affirmed the Company's long-term foreign- and local-currency issuer default ratings at ‘BBB' with stable outlooks.

The affirmation reflects ENEA's business profile as an integrated utility with large electricity generation and distribution businesses, and moderate financial leverage. The Company's ratings are supported by a high proportion of regulated and quasi-regulated income from distribution and capacity payments, respectively. The main risk factors are close-to-full reliance on coal in electricity generation as well as exposure to higher-risk mining and supply divisions.

The full wording of the statement in English is available on the Agency's website at

According to the explanation published on the Agency's website (, "BBB" national rating means that the issuer or the issue presents a moderate level of default risk relative to other issuers in Poland. However, changes in circumstances and economic conditions are more likely to impact the capacity to satisfy financial commitments on a timely basis than in the case of the higher ratings.

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.