Moody's rates TPP Varna

Moody's Investors Service said it assigned a new senior implied rating of Ba3 to TPP Varna EAD. The outlook is stable.

Moody's said that the new Ba3 rating factored the relatively strong market position of Varna, which has the second-largest thermo generation capacity in Bulgaria; a level of implied support from the Bulgarian government, which owns 100% of the company; and the currently very strong credit metrics along with the expectation that such metrics will remain strong over the next couple of years.

A fundamental factor in Moody's rating assessment is Moody's belief that Varna will remain one of the leading electricity generators in Bulgaria, and that at least for the next two years Varna is unlikely to suffer any significant competitor pressure (both domestically and from imports), despite market liberalization.

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