In its last report, Moody’s credit rating agency affirmed the current long-term credit rating of Hrvatska elektropriveda d.d., Baa2 and changed the credit rating outlook from stable to positive.
The change ensued after Moody’s changed the long-term rating of the Republic of Croatia from stable to positive. Concurrently, it affirmed HEP’s independent rating baa3. The outlook change to positive reflected a strong link between HEP’s rating and sovereign credit quality of the state, given its 100-percent ownership of HEP and HEP’s dominant position at the Croatian electricity market, assessed Moody’s.
We are very pleased with Moody’s affirmed rating and credit rating outlook improvement, which has been at the investment level since 2021. We are glad that HEP’s strategic importance for the Republic of Croatia has been recognized, as well as its key role in implementing the Government’s measures for mitigating the impact of energy prices on the Croatian citizens and economy. This rating is additional incentive to continue the realization of our investment plans, emphasising the construction of renewable energy sources, said Frane Barbarić, the President of HEP’s Management Board.