Ciech

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Current report no.: 47/2015

Increase in the rating of the Moody's Investors Service agency for CIECH S.A.

Current report no.: 47/2015 

Date of report: 2015-12-03

Subject: Increase in the rating of the Moody's Investors Service agency for CIECH S.A.

Legal basis : Art. 56 section 1 point 2 of the Act on Offering – current and periodic information

Text of the report: 

The Management Board of CIECH S.A. ("the Issuer", "the Company") announced that on 03 December 2015, the Moody's Investors Service rating agency ("Moody’s") announced publication of a report, where it raised the rating awarded at the request of the Company from "B1" to "Ba3", with a positive prospect. 

The increase of the rating was justified by Moody’s by an improvement of the Company’s results in 2014 and 2015, represented by an improvement of EBITDA margin and the value of generated monthly cash flows, as well as effectively-conducted refinancing of (i) the indebtedness resulting from, among other things, an issue of secured subordinate debentures by the Issuer’s subsidiary – Ciech Group Financing AB (publ), to the amount of EUR 245,000,000 and (ii) the indebtedness resulting from the revolving credit agreement to the amount of PLN 100,000,000.  

The Issuer announced the granting of the rating in current report no. 52/2012, dated 16 November 2012. The Issuer announced the increase of the rating in current report no. 72/2014, dated 28 November 2014.

Legal basis: § 5 section 1 point 26) of the of the Regulation of the Minister of Finance of 19 February 2009 regarding current and periodic information delivered by issuers of securities and on conditions of recognition of information required under non-member state law regulations as equivalent.


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