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Moody's rates DTEK notes B3
Moody's Investors Service said it assigned a provisional B3 rating (LGD4) with a negative outlook to the proposed dollar-denominated notes to be issued by DTEK Finance plc, a fully owned finance subsidiary of DTEK Holdings BV, in line with DTEK's corporate family rating.
Proceeds will be used to refinance DTEK's debt, including the company's $500 million 9½% notes due 2015, to finance DTEK's investment program, working capital, new acquisitions and financial commitments.
DTEK's B3 corporate family rating remains constrained by the high-risk operating environment in Ukraine, where DTEK's integrated electric utility business operates, the agency said.
DTEK's exposure to foreign-currency risk stemming from its majority foreign-currency-denominated debt is significant, the agency noted.
Aside from the ceiling constraints, DTEK is strongly positioned in the B3 rating category, given the company's solid business fundamentals, reasonable performance and moderate leverage, Moody's said.
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