PGE on track for debut despite downgrade

Moody’s cut Poland’s PGE Group by one notch on Monday, the same day the issuer started investor meetings ahead of its first ever euro bond deal. However, the borrower remains investment grade despite the downgrade, which together with the lack of issuance from CEE corporates is whetting appetites for the issuer’s entry into the international bond market, said debt bankers on the deal.