Fitch affirms Slovenske elektrarne

Fitch Ratings said it affirmed Slovenske elektrarne AS' long-term issuer default rating and senior unsecured rating for its €195 million notes due 2011 at BBB.

The outlook is negative.

The ratings reflect the company's strong asset base, profitability and cash flows, which have enabled the company to deleverage ahead of its commitment to increase capital expenditures to replace recently decommissioned nuclear capacity, Fitch said.

Its net debt-to-adjusted EBITDA ratio decreased to 0.3 times in 2009, but the agency said it estimates that the €2.7 billion capital expenditure planned for 2010to 2012 will drive the ratio to a peak of about 3 times at the end of 2012.

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