In its annual research update released on 27 November 2020, S&P upgraded PPC's stand-alone credit profile (SACP) upward by two notches to 'B' from 'CCC+', resulting in an overall upgrade of the long-term credit rating of PPC to 'B' from 'B-'. According to S&P the two notch upgrade in PPC's standalone corporate rating confirms that the Company's strategic repositioning and the improved Greek energy market fundamentals have transformed its competitive position, reducing past concerns over its liquidity and long-term sustainability. The 'Stable' outlook underscores S&P's expectation that PPC will continue to deliver on its transformation plan, with solid liquidity and improved margins. PPC's strategic plan to convert its generation mix toward lower carbon dioxide (CO2) emissions improve its fleet competitiveness and long-term prospects. As mentioned in their report, S&P expects a substantial increase in EBITDA and improvement in credit metrics on the back of higher profitability as PPC accelerates the closure of its lignite generation plants and shifts its competitive position in the retail market. View source version on businesswire.com: Contact Sofia Dimtsa Corporate Affairs & Communications Director PUBLIC POWER CORPORATION S.A. T: +302105293038 M: +306978778998 Fax: +30 2105241300 E-mail:s.dimtsa@dei.com.gr © 2020 Business Wire, Inc. Disclaimer: This material is not an AFP editorial material, and AFP shall not bear responsibility for the accuracy of its content. In case you have any questions about the content, kindly refer to the contact person/entity mentioned in the text of the release.