Moody’s affirms HEP’s rating, upgrades outlook to stable – Croatia, 15 March 2017

Croatian state-owned power utility HEP announced that the rating agency Moody’s has changed the company’s outlook to stable from negative, affirming its long-term Ba2 corporate family rating (CFR) at the same time.
According to the statement from Moody’s, the change of outlook on HEP’s rating to stable from negative reflects that the rating is positioned at the same level as Croatia’s sovereign rating. Moody’s does not currently envisage that the rating could be higher than that of the sovereign due to HEP’s strong domestic focus, its 100 % ownership by the Croatian Government and the one notch uplift incorporated into its rating to reflect the high likelihood of extraordinary support from the Government in case of the financial distress of the company.

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