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Published on 3/15/2012 in the Prospect News Emerging Markets Daily.

Fitch affirms CEZ

Fitch Ratings said it affirmed CEZ AS's long-term foreign-currency issuer default rating at A-, short-term foreign-currency issuer default rating at F2 and foreign-currency senior unsecured rating at A-.

The outlook is stable.

The ratings reflect CEZ's strong market position and vertical integration in the Czech power sector, Fitch said.

Its financial leverage is low compared to its western European peers, the agency said.

The ratings also consider the company's prudent financial policy, which targets maintaining credit ratios at moderate levels despite an ambitious, partly debt-funded capital expenditure plan until 2015, Fitch said.


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