Pursuant to art. 5, clause 1, item 26 of the Decree of the Minister of Finance of 19 February 2009 on current and periodic information disclosed by issuers of securities and conditions for recognising as equivalent information required by the laws of a non-member state (Journal of Laws of 2009 No. 33, item 259) the Management Board of Telekomunikacja Polska S.A. (“TP S.A., Company”) hereby informs that on 25 March 2009, Standard & Poor’s Ratings Services (S&P) revised TP S.A.’s outlook to positive from stable. At the same time, the ‘BBB+’ long-term corporate credit rating was affirmed.
According to S&P, the outlook revision reflects TP S.A.’s conservative financial policy, as well as its resilient operating performance and prospects amid a difficult economic and operating environment in Poland. Despite a challenging economic environment and significant regulatory and competitive pressures, TPSA continues to benefit from a solid market position in Poland and reported resilient performance in 2008. TPSA also boasts one of the most prudent balance sheets among integrated incumbents in Europe. It also benefits from synergies with its strategic shareholder France Telecom S.A.