Fitch: Slovenske elektrarne notes evolving

Fitch Ratings said it placed Slovakia-based Slovenske elektrarne a.s.' senior unsecured BB+ rating on Rating Watch positive and its BBB- rated €200 million senior notes due 2011 on Rating Watch evolving.

This action follows an agreement on the sale of a 66% stake in the company signed last week between the Slovak government and Italy's Enel SpA (A+/F1/outlook stable).

While details of the privatization agreement have not yet been revealed, and the transaction is not expected to be closed before the second half of 2005, Fitch believes that the privatization outcome will be positive or neutral for Slovenske elektrarne's credit profile, as reflected in the Rating Watch positive for the senior unsecured rating. For the notes, the Rating Watch evolving reflects these two possible outcomes which should be considered in conjunction with the change-of-control put option.

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