Fitch won't rate Slovak energy firm amid sale plans (Monitor Global Outlook)

Portál Monitor Global Outlook priniesol dňa 13.7.2014 článok o Slovenských elektrárňach, v ktorom spomína vyjadrenia Martina Vlachynského z INESS.

Fitch rating agency says it will no longer evaluate Slovenske Elektrarne, as Italy's Enel accelerates plans to sell its majority stake in the firm.

Italian energy company Enel's push to sell assets, including Slovakia's largest electricity producer Slovenske Elektrarne (SE), is gaining pace - and the company appears to be keeping information close.

In the July 10 announcement indicating it would no longer evaluate SE, Fitch said that Slovenske Elektrarne "will no longer provide sufficient information to enable Fitch to maintain the rating." The apparent lack of transparency gave market watchers pause, but is unlikely to deter serious bidders, according to Martin Vlachynsky, an analyst with the Institute for Economic and Social Studies in Bratislava.

"If you are going to make billions worth of investment, you want to see much more than a credit rating," Mr. Vlachynsky tells Monitor Global Outlook.

The Czech Republic's CEZ remains a likely buyer for SE, but Russia's nuclear power monopoly Rosatom is also considered a possible bidder.

Enel is looking to sell its 66 percent stake in SE as part of a larger debt cutting plan. In Romania, they plan to offload distribution and retail divisions, the company said in a statement. Enel hopes to raise 4.4 billion euros ($6 billion) by selling off assets. The remaining third of SE shares are owned by the Slovak government.

"In the last few days, Enel has formally notified the subsidiaries in both Slovakia and Romania, as well as their minority shareholders, of the start of the sale process and has appointed financial advisers," Enel said in the July 10 statement.

According to Fitch, SE does not have any outstanding bonds, but "there sure will be some debt," Vlachynsky says. SE received an 870 million euro ($1.18 billion) loan from Russia's Sberbank last month.

SE's flagship project remains the addition of two nuclear reactors at Slovakia's Mochovce nuclear power plant. The first was due to be online this year, but the project has been beset by cost overruns and delays.

"When it was buying shares Enel declared that it understands nuclear power, it is able to complete it [power station] and has abilities and capacities to do so," Tomas Malatinsky, who recently stepped down as Slovakia's economy minister, told the Slovak daily Sme. "Now it seems they do not."

Monitor Global Outlook, 13.7.2014

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