Moody's rates Eustream notes Baa1

Moody's Investors Service said it assigned a provisional Baa1 rating to the proposed euro-denominated notes to be issued by SPP Infrastructure Financing BV and unconditionally and irrevocably guaranteed by eustream, as (Eustream), a wholly owned subsidiary of Slovensky Plynarensky Priemysel, as.

The outlook is negative.

Moody's said the provisional Baa1 rating on the notes is a result of the unconditional and irrevocable guarantee provided by Eustream and as such reflects solely the credit quality of the company as guarantor.

According to the agency, the assigned rating reflects (a) Eustream's strategic importance as a major gas transit route in Europe; (b) the high profitability of the company's transit activities operated under medium- and long-term contracts; (c) the low risk of Eustream's domestic transmission activities subject to regulatory approvals; and (d) the low capital maintenance requirements associated with the current infrastructure.

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