The Romanian Defense Industry: Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016
- Published: June 2012
- Region: Romania
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Product Type: Research Update
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In our view, Romania's state-owned natural gas transmission system operator Transgaz should be able to absorb the financial and potential liquidity implications of an extraordinary one-off increase in its dividend payout, which the central government has mandated in its fiscal consolidation strategy. Due to continuing uncertainties about the Nabucco pipeline project, we do not factor its financial impact--apart from Transgaz's committed equity contribution--into our assessment of Transgaz's stand-alone credit profile. Despite the Romanian government's plan to sell a 15% stake in Transgaz, we continue to view the link between the government and Transgaz as "strong," assuming the state maintains effective control. The outlook is stable, reflecting that on Romania. On May 5, 2011, Standard & Poor's Ratings Services affirmed its...
Companies mentioned in this report are: S.N.T.G.N. Transgaz S.A. Medias
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S.N.T.G.N. Transgaz S.A. Medias