Moody's affirms Eesti Energia

Moody's Investors Service said it affirmed the A3/P-2 senior unsecured issuer ratings and A3 senior unsecured foreign currency debt rating of Eesti Energia. The outlook is stable.

Moody's said the A3 ratings recognize Eesti Energia's strength and strategic importance as the dominant vertically integrated electric utility in Estonia (foreign and domestic currency rating A1) with 100% state ownership, its protected market position and its solid business and financial progress to date.

At the same time, Moody's said the ratings factor Eesti Estonia's small size in absolute terms, a fairly large ongoing investment program, the evolving nature of regulation in Estonia, the prospect of limited earlier market opening than originally timetabled and exposure to developments in the Estonian economy.

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