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Fitch maintains SPP on RWN

The international rating agency Fitch has maintained the long-term foreign and local currency Issuer Default Ratings (IDR) of the Slovenský Plynárenský Priemysel (SPP) gas utility on Rating Watch Negative (RWN). The ratings were placed on RWN on December 20, 2012, the Reuters newswire reported on June 7.

The international rating agency Fitch has maintained the long-term foreign and local currency Issuer Default Ratings (IDR) of the Slovenský Plynárenský Priemysel (SPP) gas utility on Rating Watch Negative (RWN). The ratings were placed on RWN on December 20, 2012, the Reuters newswire reported on June 7.

The rating reflects the continued potential that SPP will undergo internal restructuring following the ownership change in January 2013. At the moment the 51-percent stake is controlled by the state-run National Property Fund, Czech Energetický a Průmyslový Holding controls a 49-percent minority share, the SITA newswire wrote.

The SPP shareholders are considering, as one of several options, a spin-off of the gas supply segment from SPP, and additional changes in the internal group structure that could result in SPP holding 51 percent, instead of 100 percent, in key cash flow generating subsidiaries, i.e. SPP Distribúcia and Eustream. This may, according to Fitch, in turn affect SPP’s cash flow and credit metrics because there may be a focus on received dividends rather than consolidated profile.

The current IDR of SPP stands at A-. Fitch plans to resolve the RWN once the final group structure is determined, Reuters wrote.

Source: Reuters, SITA

Compiled by Radka Minarechová from press reports

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