PGNiG Annual Report 2019

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"BBB" with a "stable" outlook, due to the termination of the rating agreement by PGNiG on January 29, 2016, was withdrawn by Standard & Poor's.}

RATINGS