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DBRS gives BBB (low) to Eesti Energia
DBRS Morningstar said it assigned an issuer rating of BBB (low) with a stable trend to Eesti Energia AS.
Esti Energia´s issuer rating is supported by the following key factors: (1) a market-leading position in its local market, (2) the company’s regulated distribution activity, which provides earnings stability, and (3) the implicit sovereign support from the Estonian state, DBRS said.
However, the following factors constrain Eesti Energia´s issuer rating: (1) the company’s limited geographical footprint, (2) the planned high capex needed to phase-out most of the company’s oil-shale derived electricity generation, (3) overall high capex requirements over the following years, and (4) limited financing flexibility at the parent company level.
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