Moody's confirms Eesti Energia

Moody's Investors Service said it confirmed the A1 issuer rating, A1 senior unsecured bonds and Prime-1 short-term rating of Eesti Energia AS.

This concludes the review for possible downgrade begun on Feb. 11, and the outlook is negative.

The agency said its assessments of Eesti Energia's baseline credit risk and government support and dependence remain unchanged at this stage and that the confirmation and negative outlook solely reflect Moody's confirmation of the A1 rating of the Government of Estonia with a negative outlook.

The baseline credit assessment of 8 is underpinned by Eesti Energia's low to medium business risk profile, as it is the dominant vertically integrated utility in Estonia and generates the majority of its earnings from regulated activities, Moody's said.

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