BULLETIN: C.N. Transelectrica S.A. Unaffected by Romania Upgrade Feb 03

Standard & Poors, February 2003

Abstract
Standard & Poor's Ratings Services said today that its ratings and outlook on Romanian electricity transmission grid company C.N. Transelectrica S.A. (local currency BB-/Positive/--; foreign currency B+/Positive/--) remain unaffected by today's upgrade of the Republic of Romania (local currency BB/Positive/B; foreign currency BB-/Positive/B). There are no explicit government guarantees for Transelectrica's debt, but, because of the company's strategic importance, the government is expected to provide implicit support through a favorable attitude toward the company. The upgrade of the sovereign reflects continued successful stabilization of the economy. Standard & Poor's will, during its normal review cycle, monitor how the improvements in Romania's economic and political environment affect Transelectrica's credit profile. ANALYST E-MAIL ADDRESSES andreas_zsiga@standardandpoors.com ralf_etzelmueller@standardandpoors.com mikhail_galkin@standardandpoors.com infrastructureeurope@standardandpoors.com...

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

Action: S&P Event

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

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.

- C.N. Transelectrica S.A.
- Romania

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