Fitch Ratings has affirmed the IDR (Long-Term Issuer Default Rating) at 'BBB-', with a negative outlook, granted to Nuclearelectrica, the company announced in a release issued to the Bucharest Stock Exchange on Thursday.
"The affirmation reflects the company's unchanged standalone credit profile (SCP) of 'bb+', and the one-level increase in the SCP to reflect strong expectations regarding support from the Romanian state (BBB-/Negative). The negative outlook reflects the sovereign rating," the release said.
According to the company, the SCP reflects Nuclearelectrica's profitable asset base and solid market position, as well as its large investment plan, especially for the Unit 1 Refurbishment.
Nuclearlectrica's rating factors remain similar to those for the BBB- rating, namely the strong market position as the sole nuclear power producer, covering approximately 20% of Romania's consumption needs and a strong operational track record; the extensive capex plan, investment projects; involvement in medium-term investment projects with reference to the Units 3 and 4 Project, the Unit 1 Refurbishment Project and the SMR Project; state support as a mitigating factor.
The Cernavoda Nuclear Power Plant (CNE) operates two CANDU nuclear units, among the most efficient units of the over 400 nuclear power plants in the world, a nuclear fuel plant and is in the process of implementing an integrated fuel cycle by acquiring a uranium concentrate processing line, to support the company's long-term investment projects.
Nuclearelectrica's fields of activity are the production of electricity, heat and nuclear fuel. The company operates under the authority of the Ministry of Energy, with the Romanian state holding 82.49% of the shares and other shareholders holding 17.50%, following the company's listing on the stock exchange in 2013.
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