Fitch downgrades SPP – distribucia

Fitch said it downgraded SPP – distribucia as’ senior unsecured rating to A- from A and affirmed its long-term issuer default rating at A-.

“The downgrade follows the recent downgrade of Slovakia's rating to A-/stable from A as we have removed the one-notch uplift for higher expected recoveries on senior unsecured debt instruments issued by economic-regulated utilities. This is because our criteria do not allow instrument ratings to exceed the relevant country's sovereign IDR if it is only due to the uplift,” Fitch said in a press release.

The outlook is stable.

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