Moody's Investors Service has today affirmed the Ba2 corporate family rating (CFR), Ba2-PD probability of default rating (PDR) and the Ba2 senior unsecured debt rating of Hrvatska Elektroprivreda d.d. (HEP). The outlook on the ratings remains stable.
This rating action follows Moody's change in outlook on the Ba1 rating of the Government of Croatia to negative from stable on 21 March 2014.
The affirmation of the ratings with a stable outlook reflects HEP's resilient financial performance, helped by improved hydrological conditions last year, coupled with strengthened liquidity and positioning one notch below the rating of the Government of Croatia.
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