Moody’s Confirms Elering’s A3 Rating

Last week, international credit rating agency Moody’s confirmed Elering’s A3 rating for long-term obligations, with the outlook of the rating being stable.

According to Moody’s, the rating is based on the low business risk of electricity and gas sectors due to their regulated nature.

Chairman of the Elering Board, Taavi Veskimägi, commented on the credit rating as follows: “The continued high rating from Moody’s shows that our gas transmission network purchase business plan was solid and has fit in with Elering’s risk profile so far. It is a challenge to set the management of the gas transmission network on the same clear basis that originates from a tradition of good governance, as we have achieved with our electricity network, testimony of which is the highest credit rating among Baltic companies. The company’s ongoing strategy is to operate with a clear risk profile in a 100 per cent regulated business. This also allows us to continue accruing capital at a good price for future investments such as the Balticconnector or those linked to desynchronisation.”

The A3 rating is only two steps lower than Estonia’s A1 rating. Elering’s rating has remained at the same level since 2011, when the company issued shares in the amount of 225 million euros. Elering’s debt obligations amounted to 348 million euros at the end of last year.

Moody’s credit opinion can be found on Elering’s webpage following the link elering.ee/rating-information.