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Fitch will no longer rate Slovenské Elektrárne
11 Jul 2014 Flash News
FITCH ratings agency, which evaluates the credit worthiness of companies, will no longer track Slovakia’s largest power producer, Slovenské Elektrárne. The decision comes in times when company Slovenské Elektrárne, the majority of which is owned by Italian Enel, struggles with the completion of nuclear power plant in Mochovce.
“Our decision comes on the heels of Slovenské Elektrárne (SE) indications that they will no loner provide information needed for evaluation,” Fitch stated, as quoted by Sme daily.
The last Fitch’s rating has downgraded SE Long-term Issuer Default Rating and senior unsecured rating to BBB- from BBB with the negative outlook.
Recently, media informed about problems of Enel to complete the two units of the Mochovce nuclear power stations. Even former Economy Minister Tomáš Malatinský affirmed such claims.
“When it was buying shares Enel declared that it understands nuclear power, it is able to complete it [power station] and has abilities and capacities to do so,” Malatinský told to Sme. “Now it seems that it doesn’t.”
Moreover, Enel Chief Executive Francesco Starace, who took over from predecessor Fulvio Conti in May, has said the group’s 66 percent stake in SE could be considered for sale, Reuters reported earlier in June. Enel aims to sell €4.4 billion in assets to cut net debt to around €37 billion. According to Starace, SE had an enterprise value of around €3.8 billion, including debt of some €1 billion.
Compiled by Spectator staff from press reports
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