Moody`s upgrades Elering`s rating to A2

With decision revealed today, on Sept 11th,  international credit rating agency Moody`s upgraded rating for long-term obligations of Elering by one step to A2 with stable outlook of the rating.

According to Moody`s, rating level was upgraded due to conservative finance and risk profile of Elering despite of the recent acquisition of the gas transmission network.

In situation where management of state-owned enterprises has earned much criticism from the public lately, the decision to upgrade Elering`s rating is significant recognition from Moody`s. „The decision of rating agency indicates that it is possible to arrange management of state-owned enterprises by that kind of standards that assure the highest rating in comparison with enterprises in Baltic states, even higher than the ratings of Latvian and Lithuanian states“, said Taavi Veskimägi, Chairman of the Board of Elering.

Rating A2 is only one step lower than the rating of Republic of Estonia. Rating A3 that Elering had so far, was assigned by Moody`s on 2011 when Elering issued eurobonds in value of 225 million euros. Elering`s dept obligations amounted to 380 million euros and equity to 307 million euros in the end of June this year.