Moody’s rates SPP-distribucia notes Baa1

Moody's Investors Service said it assigned a provisional Baa1 rating to the proposed senior unsecured notes to be issued by SPP-distribucia, as.

The outlook is negative.

Moody’s said SPP-distribucia's rating reflects: (a) The company's position as a de-facto monopoly gas distribution network in Slovakia; (b) a historically fairly supportive regulatory framework, which is, however, evolving and not very transparent; (c) strong cash flow generation coupled with low investment requirements; (4) expected moderate leverage of the company on a standalone basis; and (d) the overall credit quality of the SPP-Infrastructure group.

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