Moody's affirmed today its long-term credit rating of Hrvatska elektroprivreda (Ba2) and upgraded its outlook on HEP from stable to positive.
Due to methodology and criteria used upon rating HEP, the upgrade ensued after the sovereign rating upgrade for the Republic of Croatia. According to Moody's, the outlook upgrade is a result of improved fiscal metrics and agency's evaluation of a better outlook for the growth of the Croatian economy, because of recently conducted reforms.
Moody's published a report today stating that HEP is going to maintain a strong financial profile in future periods. It also states that, in line with the current rating grade, in case of the upgrade of sovereign rating for the Republic of Croatia, HEP's credit rating would probably be upgraded as well.
“We are exceptionally satisfied by Moody’s upgrading the outlook from stable to positive and affirming its long-term credit rating of HEP. In this respect, we will continue with the active management of HEP Group’s financial position and overall business”, said Frane Barbarić, the President of the Management Board of Hrvatska elektroprivreda d.d.