 Moodys Investors Service, Moodys has today affirmed the issuer rating of Polski Koncern Naftowy ORLEN S.A. PKN ORLEN or company at Baa2 and also affirmed the baseline credit assessment BCA at baa3. Concurrently, Moodys has also affirmed at Baa2 the rating of the EUR 500 million due 2021 and EUR 750 million due 2023 senior unsecured bonds issued by ORLEN Capital AB publ and guaranteed by PKN ORLEN. This will increase PKN ORLENs business diversification and stability of cash flows, while the intention to finance the transactions mainly by equity will limit the companys leverage at a conservative 2.0x -2.5x adj. 