Moody’s Investors Service revised to increase the rating of the National Company for Electric Power Transmission Transelectrica, from “Ba2” to “Ba1”, associated outlook being stable, shows a release of the financial rating agency.
Moody’s also upgraded the rating for financial strength from “b1” to “ba2”, associated outlook being stable, according to Agerpres.
The upgrade revision reflects the financial profile’s improvement, considering the changes of the accepted financial package for the company, as well as of the improving liquidities. Thanks to Transelectrica’s low level of indebtedness, Moody’s expects the company to keep its robust credit profile at least until the end of the current regulatory cycle, namely at June 30, 2019.
“Ba1” rating reflects Transelectrica’s improved risk profile, together with its monopoly, its strong financial profile, and with a low level of indebtedness. However, the agency warns that the rating is still related to the company’s exposure to the currency risks, due to its denominated debt in foreign currency.
The stable outlook, associated to Transelectrica’s ratings, reflects Moody’s expectations that the company will continue operating with a financial profile corresponding to the current rating.
Last year, Transelectrica obtained a net profit amounting RON 366 million, namely by 2,5 percent higher than the one in 2014, which was of RON 358 million.
The amount of electricity charged for services on the electricity market rose by 2.2% relative to the amount charged in 2014 (52.47 TWh, up from 51.34 TWh in 2014). Also, revenues in the period January to December 2015 increased by 5.9% compared to the same period of the previous year, to RON 2.984 billion, compared to RON 2.817 billion in 2014.