HR

HEP retains credit rating

10.09.2009.
Standard&Poor's confirmed BB+ credit rating for HEP with negative outlook and removed Credit Watch

Standard&Poor's report states that HEP has secured, to a large extent, the necessary sources of financing for this year. In addition, the investment plan was curtailed and HEP has been achieving savings in costs and reduced working capital as planned in order to improve liquidity and balance sheet flexibility. The negative outlook assigned reflects:

1. HEP’s unsatisfactory liquidity resulting from prolongation of short-term credit lines, and negative free cash flows resulting from investment programs

2. macroeconomic situation in Croatia whose further deterioration may have negative effects on HEP