31 Octombrie 2008
S&P affirms Transelectrica rating with negative outlook
Financial rating company Standard&Poor’s revised downwards the rating outlook of state-owned Transelectrica from ‘positive’ to ‘negative’, due to country rating cut for Romania, and reiterated ‘BB+’ rating for long-term credits in lei and foreign currencies.
Romania’s power grid operator Transelectrica is 74% held by the Ministry of Economy and Commerce.
“The move comes as a result of recent Romania’s country rating cut and reflects Transelectrica’s vulnerability at a possible harshening of macroeconomic conditions”, said Tania Toneva, analysts at Standard & Poor’s.
Transelectrica’s evaluation made by S&P is not taking into consideration any support of the state in assigning ratings, which have not direct connection with Romania’s ratings, said S&P, adding that the agency is considering the monopole statute of the company in the Romanian market, its strategic importance for the energy sector and the fact that the state has already secured many of the standing debts.