Prospects bright for PGNiG's euro 450 million bond issue

The Eurobond issue by Polish Oil and Gas (PGNiG) has been awarded a Baa3 rating by Moody's rating agency. An information campaign for the euro 450 million issue will be launched on Monday in several European financial centers, including London, Frankfurt and Amsterdam. Moody's painted a generally optimistic picture of PGNiG's prospects, pointing to the company's key role in the domestic economy, which it expects to be enhanced by s ignificant growth in gas consumption in the next three years. Proceeds from the Eurobond issue will be used to service PGNiG's debt, although part has been earmarked for new investments. (Gazeta Wyborcza, p. 16) M.T.