Fitch has revised the Outlook for ROMGAZ Rating

S.N.G.N. Romgaz S.A.

24 December 2024

 

CURRENT REPORT

In compliance with Law no. 24/2017 regarding Issuers of Financial Instruments and Market Operations and A.S.F. Regulation no. 5/2018

Report date: December 24, 2024

Company name: Societatea Nationala de Gaze Naturale Romgaz S.A.

Address: Medias, 4 Constantin I. Motas Square, Sibiu County - Romania, 551130

Phone/fax no: 004-0374-401020 / 004-0269-846901

Fiscal Code: RO14056826

LEI Code: 2549009R7KJ38D9RW354

Trade Register registration number: J32/392/2001

Subscribed and paid in share capital: 3,854,224,000 RON

Regulated market where the issued securities are traded: Bucharest Stock Exchange (BVB), London Stock Exchange (LSE)

Significant event to be reported:

·    Fitch Ratings has revised the Outlook of Rating assigned to S.N.G.N. Romgaz S.A. from 'Stable' to 'Negative' and affirmed its 'BBB-' Long-term Issuer Default Rating (IDR)

Societatea Nationala de Gaze Naturale Romgaz S.A. ("ROMGAZ" / "the Company" / "the Issuer") informs its shareholders and investors that Fitch Ratings Limited ("Fitch") has revised the Outlook of the Rating assigned to ROMGAZ from 'Stable' to 'Negative' and affirmed its 'BBB-' Long-term Issuer Default Rating (IDR).

The revision of the Outlook follows a recent similar action on the sovereign rating of Romania, dated December 17, 2024. Thus, the revision of Romania's sovereign Rating Outlook from 'Stable' to 'Negative' determines the similar revision of ROMGAZ's IDR.

Fitch's Rating Action Commentary reiterated that the Rating "reflects Romgaz's dominant position in Romania's natural gas market, upstream production growth potential from the Neptun Deep and Caragele reservoir developments and a conservative financial policy."

We remind that the first Rating was assigned to the Company by Fitch on May 21, 2024 and it was object of the Current Report published on the capital market on May 22, 2024.

More details about the Rating Action Commentary are available at:

https://www.fitchratings.com/research/corporate-finance/fitch-revises-romanian-romgaz-outlook-to-negative-affirms-bbb-rating-23-12-2024

Chief Executive Officer,

Razvan POPESCU

 

END