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Moody’s lowers Eesti Energia's credit rating
Juhan Tere, BC, Tallinn, 20.12.2011.
Print version
Print versionMoody’s lowered yesterday the credit rating of Estonia's state-owned energy giant Eesti Energia from A3 to Baa1, Äripäev.ee/LETA reports.
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Due to that, the rating of the 2020 4.5% coupon 300 million EUR bond issue was lowered from A3 to Baa1. Rating outlook is stable.
The reason for the cut is increase of activities with higher risk after the partial opening up of the electricity market. Moody’s presumes that Eesti Energia's credit indicators will fall considerably considering the growing pressure on profits and cash flows due to a very large investment program.
Eesti Energia invests around 1 billion EUR in 2011-12.
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