BUSINESS

S&P downgrades Transgaz RON credit rating to “junk” category

Standard & Poor’s (S&P) downgraded on Wednesday the national currency long-term credit rating of the state-owned company Transgaz to the “junk” category, non-investment grade, after downgrading Romania’s rating in the same category in late November following changes in methodology, Mediafax reports. The RON long-term credit rating was reduced from “BBB-“ to “BB+”, while the foreign currency credit rating was confirmed at “BB+”, a release by the financial rating agency informs. Both ratings have a stable outlook. S&P revised, in turn, Transgaz’s individual rating from “bbbb-“ to “bbb+”. The downgrade reflects the company’s high exposure on Romania given its monopoly status and the concentration of revenue on the local market. Thus, it is highly unlikely that Transgaz should get a higher grade than Romania’s country rating, S&P concludes.

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