RATINGS

A rating, or a risk rating, is the credit risk of assessing creditworthiness or credit risk from various financial instruments. This rating is issued by rating agencies. There is one special specialization consisting of a starting point for letters, numbers and plus or minus signs that increase or decrease a specific grade.

PGNiG SA received ratings from the following agencies:

Credit rating agency*
Rating
Perspective
Date of the last update
Fitch Ratings
BBB
Stable
12.12.2019
Moody’s Investors Service
Baa2
Stable
26.06.2019

Previous Fitch Ratings:

"BBB", "stable" outlook from April 20, 2017

Moody's Investors Service's previous rating:

"Baa3", "stable" perspective from May 16, 2017
"Baa3", "stable" perspective of 12/02/2016
"Baa3", "stable" perspective of 30/09/2014
"Baa2", "negative" perspective of 20.11.2012
"Baa1", perspective "negative"
"Baa1", perspective "stable"

* The rating of the company "BBB" with a "stable" outlook, due to the termination of the rating agreement by PGNiG on January 29, 2016, was withdrawn by Standard & Poor's.