Fitch affirms Slovenske elektrarne

Fitch Ratings said it affirmed Slovenske elektrarne, as' long-term issuer default rating at BBB with a stable outlook and its senior rating at BBB.

The agency said the affirmations reflect Slovenske elektrarne's strong asset base, profitability and cash flows as well as progress on its 940MW Mochovce nuclear power plant's unit 3 and 4 construction despite the 10-month delay on the scheduled completion dates (2013 and 2014, respectively). This has only a modest impact on expected credit metrics as the company continued to reinvest all free cash flow, Fitch said.

Fitch estimates that the roughly €2 billion capex planned for 2012-2014 will drive the ratio of net lease-adjusted debt to funds from operation to a peak of around 3.8 times at the end of 2013 but for leverage to decrease thereafter to below 3 times.

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