Moody’s assigns eustream Baa2

Moody’s Investors Service said it assigned a first-time issuer rating of Baa2 to eustream as. At the same time, the agency affirmed the Baa2 senior unsecured ratings of the bonds which are issued by SPP Infrastructure Financing BV and guaranteed by eustream.

“The rating action reflects the importance of eustream’s pipeline system as a major gateway for the transit of Russian gas to Europe, mainly from Ukraine, but also in the medium-term increasingly from Germany via the Czech Republic,” Moody’s said in a press release.

The outlook is stable.

“The stable outlook reflects Moody’s view that eustream as well as the wider SPP Infrastructure group will maintain a financial profile commensurate with the rating guidance, namely FFO/debt at or above 25%,” the agency said.

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