Romania-Based Electricity Generator S.C. Hidroelectrica S.A. Rated 'BB-'; Outlook Stable Oct 04

Standard & Poors, October 2004

Abstract
STOCKHOLM (Standard & Poor's) Oct. 27, 2004--Standard & Poor's Ratings Services said today it assigned its 'BB-' long-term corporate credit rating to Romania-based electricity generation company S.C. Hidroelectrica S.A. The outlook is stable. The rating reflects the company's exposure to the remaining transition economy features of the Republic of Romania (foreign currency rating BB+/Stable/B; local currency BBB-/Stable/A-3) where it operates; the requirement to sell a large share of generation (currently 40%) at low regulated prices; poor historical financial performance; significant partly debt-funded medium-term capital expenditure plans that are expected to weaken debt protection metrics; and limited financial flexibility. This is mitigated by access to competitive low-cost hydro-generation assets; a strong competitive position in the region; the prospects of regulatory pricing...

Companies mentioned in this report are:
- S.C. Hidroelectrica S.A.
- Romania

Action: New Rating

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Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- S.C. Hidroelectrica S.A.
- Romania

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