Moody's has completed a periodic review of the credit rating of Latvenergo AS keeping it at the current level
On 10 March, the international credit rating agency Moody's Investors Service (Moody's) completed a periodic review of the credit rating of Latvenergo AS keeping it on the investment grade Baa2 level with stable outlook and thus confirming stability and financial reliability of Latvenergo Group.
Riga, 2020-03-11 08:05 CET --
Last time, the credit rating of Latvenergo AS was affirmed on 15 October 2019. Upon affirmation of the credit rating, Moody’s took into account the decision of the Cabinet of Ministers of the Republic of Latvia to support a full unbundling of ownership of the electricity transmission system operator, which is planned by reducing the share capital of Latvenergo AS and unbundling capital shares of Latvijas elektriskie tīkli AS.
Apart from the financial sector, Latvenergo AS is the only company in Latvia having received an investment grade rating from an internationally recognised credit rating agency, and since February 2015 it has been Baa2 with a stable outlook.
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Latvenergo Group is one of the leading energy suppliers in the Baltics operating in electricity and thermal energy generation and trade, natural gas trade, electricity distribution services and lease of transmission system assets. Latvenergo AS has been acknowledged as the most valuable company in Latvia for several times. International credit rating agency Moody's has assigned Latvenergo AS an investment-grade credit rating of Baa2/stable.
Latvenergo Group is comprised of the parent company Latvenergo AS (generation and trade of electricity and thermal energy, trade of natural gas) and seven subsidiaries - Latvijas elektriskie tīkli AS (lease of transmission system assets), Sadales tīkls AS (electricity distribution), Elektrum Eesti OÜ (trade of electricity and natural gas in Estonia), Elektrum Lietuva UAB (trade of electricity and natural gas in Lithuania), Enerģijas publiskais tirgotājs AS (administration of mandatory electricity procurement process) and Liepājas enerģija SIA (generation and trade of thermal energy in Liepaja, electricity generation). All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics of the Republic of Latvia.