Fitch keeps SPP rating at A-

The Slovenský Plynárenský Priemysel (SPP) gas utility will keep its A- rating credit rating for long-term borrowing on both the foreign and local markets for now, according to the Fitch Ratings, which first characterised SPP as A- in December 2012. Yet, it will be under review with a view to a possible downgrade, the TASR newswire reported on September 3.

The Slovenský Plynárenský Priemysel (SPP) gas utility will keep its A- rating credit rating for long-term borrowing on both the foreign and local markets for now, according to the Fitch Ratings, which first characterised SPP as A- in December 2012. Yet, it will be under review with a view to a possible downgrade, the TASR newswire reported on September 3.

The rating reflects the continuing possibility that SPP will be internally restructured following its change in ownership in January of this year, the agency said.

It also notes that the current shareholders are considering separating the gas-transport segment from SPP along with other changes that could make SPP owner of 51 percent rather than 100 percent of the shares in subsidiary companies SPP Distribúcia and Eustream. This could in turn affect SPP’s cash-flow and credit options, as reported by TASR.

Fitch added that it will complete its review once the final structure of the company is determined. The final decision of the shareholders should be made in the final quarter of 2013, TASR wrote.

Source: TASR

Compiled by Radka Minarechová from press reports

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