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Moody's lowers Eesti Energia bonds to Baa1
Moody's Investors Service said it downgraded the issuer rating of Eesti Energia AS to Baa1 from A3.
Concurrently, Moody's said it downgraded the rating on the company's €300 million 4½% bond due in 2020 to Baa1 from A3.
The outlook is stable.
Moody's said the downgrade reflects Eesti Energia's weakening financial profile in the context of an increase in higher risk activities undertaken by the group following the partial opening of the electricity market in Estonia.
Moody's said it expects Eesti Energia's credit metrics to decline substantially compared with 2010 levels, given that the group faces increased pressure on its earnings and cash flows in conjunction with its very substantial investment program.
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