Moody’s improved HSE’s rating outlook to positive from stable – Slovenia, 20 August 2018

Rating company Moody’s announced that it has changed the outlook to positive from stable on the ratings of Slovenian state-owned energy company HSE. At the same time, it has affirmed the long-term corporate family rating (CFR) of Ba2 and the probability of default rating of Ba2-PD.
The change in outlook reflects Moody’s expectation that the company’s credit metrics should improve over the twelve to eighteen months from financial year end 2017, such that HSE could meet the rating guidance for a Ba1 rating. This improvement could come through a combination of the company’s moderate capital expenditure program over the 2018-2020 period, focused mainly on maintenance, higher power prices, which should gradually filter through into earnings, cost cutting measures and the lack of shareholder distributions.

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