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23/2013 Change of rating - Orange Polska

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, with amendments) the Management Board of Telekomunikacja Polska S.A. (“TP S.A.”) informs about the change of debt rating.

On March 4, 2013 Moody’s rating agency downgraded the senior unsecured debt and issuer ratings of Telekomunikacja Polska S.A. and its indicated subsidiaries by one level, from A3 to Baa1 (with a negative outlook).

In its rationale, the agency mentioned that the downgrade is driven by uncertainty surrounding TP S.A.’s ability to sustain its historically strong financial metrics in the face of increasing competitive pressure, both in the fixed-line and mobile market segments, as well as by the adverse impact of regulatory pressure.

The full text of the rating agency announcement is placed on its web page.

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