- Moody's affirmed ORLEN's long-term issuer rating at A3 (stable outlook) and maintained its BCA at baa2.
- Moody's says ORLEN's strong balance sheet and cash generation are sufficient to fund its investment programme and declared dividends.
- Diversified hydrocarbon supply, flexible natural gas trading and Upstream operations mitigate commodity exposure and Middle East conflict risk.
- Key projects scheduled for 2026: Baltic Power offshore wind, Grudziądz CCGT unit, and an HVO facility in Płock.
Rating action
Moody's affirmed ORLEN's long-term issuer rating at A3 with a stable outlook and maintained the Baseline Credit Assessment at baa2, leaving all rated debt instruments unchanged.
Financial position
Moody's cited ORLEN's very strong balance sheet, liquidity and cash generation, stating accumulated and forecasted resources are "more than sufficient" to fund the group's investment programme and declared dividend levels.
Operational resilience
The report highlights resilience to commodity price volatility, supported by a diversified hydrocarbon supply portfolio, flexible natural gas trading capabilities and Upstream operations that mitigate exposure to risks from a potential escalation of the Middle East conflict.
Near-term growth drivers
Commissioning of key projects in 2026—including the Baltic Power offshore wind farm, the Grudziądz combined-cycle gas (CCGT) unit and an HVO facility in Płock—is expected to support growth in the group's business potential and financial performance.
