Fitch will no longer rate Slovenské Elektrárne

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.

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
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

Prime Minister Robert Fico

Poll: Smer's popularity falling

IF a general election had been held in mid April, the governing Smer party would still win with 34.7 percent of the vote, but this is down slightly from the month before according to the latest opinion poll carried…

Bratislava for Everyone

Open houses, free events mark start of tourist season

WARM weather invites people to spend more time outdoors and tourism season ceremonially opens with  Bratislava for Everyone, or Open Days of Bratislava, events taking place April 24-26.

Blueprint technique was used often in Slovak tradition

Blueprint in Slovakia

IT IS not rare that an exhibition is accompanied by a catalogue, and sometimes the catalogue lives on after the show ends. But the book Blueprint in Slovakia / Modrotlač na Slovensku takes this to a whole different…

Váhostav-SK is heavily involved in highway construction in Slovakia.

Bailout for Váhostav-SK creditors sails through parliament

AMID a race to pass legislation that would come into effect before construction firm Váhostav-SK meets with creditors April 30, Prime Minister Robert Fico's government passed an overhaul to insolvency laws coupled…