Having performed a periodic credit rating review, the EuroRating agency maintained Grupa LOTOS’ rating at BBB- with a positive outlook. According to the agency’s classification, which is also commonly used by international rating agencies, the maintained level of credit risk indicates Grupa LOTOS has high creditworthiness and a sufficient capacity to meet its financial commitments in the long term.
In November 2018, EuroRating agency upgraded the rating outlook from stable to positive. The company’s solid results for the first half of 2019 may have significantly contributed to maintaining the outlook. The company reported a 34% year-on-year revenue growth and a 146% increase in operating profit, or PLN 66m above the budget for the first half of 2019. The completion of construction of the landmark EFRA Project, which has entered the start-up phase, as well as the planned merger with another state-owned oil major PKN ORLEN, were also important factors in the assessment.
The rating from EuroRating is an unsolicited rating based on information available in the public domain. Such ratings are issued in reply to information needs of market participants and to provide investors with a comparable database for solicited ratings issued for other rated entities.
External Communication Office, Grupa LOTOS S.A., ul. Elbląska 135, 80-718 Gdańsk, Poland, phone: (+48) 58 308 72 29, (+48) 58 308 70 44, email: firstname.lastname@example.org