Moody’s drops Slovensky Plynarensky

Moody's Investors Service said it downgraded the issuer rating of Slovensky Plynarensky Priemysel, as to Baa3 from Baa1.

The outlook is stable.

Moody’s said the action reflects its reassessment of Slovensky Plynarensky business and financial risk profile following the announcement on completion of the reorganization process of the Slovensky Plynarensky group.

Following the completion of the reorganization process, Slovensky Plynarensky will no longer have access to 100% of the cash flows of its subsidiaries, which include eustream as, SPP-distribucia, as, Nafta as and SPP Storage sro. It will instead own 51% of a newly created entity SPP-Infrastructure as, which has become a holding company for the new SPP-Infrastructure group.

The remaining 49% shares and management control in SPP-Infrastructure will be held by Energeticky a prumyslovy holding, as.

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