Moody's views Bulgarian Energy positively

Moody's Investors Service said it revised the outlook for Bulgarian Energy Holding EAD (BEH) to positive from stable and affirmed its Ba1 long-term corporate family rating, the Ba1-PD probability of default rating and the Ba2 ratings of the senior unsecured eurobonds. Moody’s also raised the baseline credit assessment to ba3 from b1.

“The change in outlook to positive reflects the increased probability that BEH will exhibit a profile commensurate with a ba2 BCA/Baa3 final rating over the short to medium term. The higher rating could be achieved if BEH continues to operate with low financial leverage, and the electricity and gas markets are fully liberalized, on the assumption that BEH's business profile doesn't deteriorate significantly through either a higher risk business mix or material negative government intervention that exposed the company to higher financial risks,” Moody’s said in a press release.

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