Credit rating grade of Hrvatska elektroprivreda was upgraded from Baa2 to Baa1 with stable outlook.
Due to the methodology and criteria applied by Moody’s when grading HEP, the upgrade ensued after the upgrade of sovereign rating of the Republic of Croatia. Moody’s report published on 11 November stated that, if necessary, HEP had an option of support by the state. Stable outlook is a reflection of expectations that HEP shall maintain targeted business indicators on an ongoing basis.
“We would like to welcome the upgrade of HEP’s long-term credit rating by Moody’s credit rating agency. Among other things, the grade is a result of HEP’s active cooperation with the Croatian government and authorities on ensuring the framework for stable business operations of HEP. It also represents a confirmation of our active management of HEP Group financial position and overall business operations. The upgrade of credit rating is a motivation to continue business activities directed both towards a further upgrade of independent credit rating and strengthening market position as well as the realization of ambitious objectives of renewable development scenario”, said Vice Oršulić, the President of the Management Board of Hrvatska elektroprivreda d.d.
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