On 25 June 2012 Fitch Ratings has affirmed TAURON Polska Energia S.A.’s (TAURON) long-term foreign and local currency Issuer Default Ratings at ”BBB” with stable outlooks.
The affirmation is driven by TAURON’s stable operating and strong financial performance in FY11. TAURON’s EBITDA improved by almost 10% to PLN3bn, mainly due to strong performance of the distribution division, which accounted for 42% of EBITDA in FY11. The mining and generation segments supported TAURON’s profitability and accounted for 43% of EBITDA in FY11. Fitch also points that TAURON’s market position in electricity distribution and supply was strengthened following its acquisition of Górnośląski Zakład Elektroenergetyczny from Vattenfall AB. According to Fitch, GZE’s full contribution to the Group’s overall EBITDA in 2012 is likely to increase the distribution segment’s share in TAURON’s EBITDA and reduce the Company’s business risk.
