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The Warsaw Voice » Business » March 13, 2018
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Moody's about PGE power group
March 13, 2018   
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Listed power group PGE continues to enjoy strong credit metrics after buying Polish assets of EDF, with 2017 funds from operations (FFO) to net debt ratio reaching 80%, but the metric will likely decline to below 40% in 2019, still above the 30% floor for PGE's current Baa1 rating, Moody's said in an issuer comment.
"PGE continues to exhibit very strong credit metrics," Moody's said. "The ratio of Funds from Operations (FFO) to net debt reached 80% during the year [2017], which remains well above the guidance for the Baa1 rating category, which is set at FFO/net debt above 30%."
"This provides some cushion to PGE in light of its large capital expenditure program of PLN 34 billion over the 2016-20 period, as well as rising carbon prices and a reduction in free CO2 allowances, which could result in a decline in credit metrics to below 40% by 2019," the agency said.
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