Bloomberg News

PGNiG Drops for Second Day as Moody’s Mulls Rating Downgrade

September 04, 2012

Polskie Gornictwo Naftowe i Gazownictwo SA declined for a second day as Moody’s Investors Service said it may reduce the debt rating of Poland’s dominant natural-gas company.

The shares retreated 0.5 percent to 4.03 zloty as of 1:19 p.m. in Warsaw. The WIG20 index of Polish stocks lost 0.3 percent to 2,258.27, falling for the first time in three days.

Moody’s will review PGNiG’s Baa1 rating, the third-lowest investment grade, for a possible downgrade because of “weak operational performance” in the first half of the year combined with growing debt, Joanna Fic and Andrew Blease, London-based analysts at the company, said in a statement today.

State-owned PGNiG posted on Aug. 23 an unexpected second- quarter loss on rising import costs of natural gas from Russia. Net loss widened to 314 million zloty ($94 million) from 20 million zloty a year earlier, the company said.

To contact the reporter on this story: Piotr Skolimowski in Warsaw at pskolimowski@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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