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S&P rates Eesti Energia bond A-
Standard & Poor's said it assigned an A- rating to the new senior unsecured bonds to be issued by Estonia-based Eesti Energia AS, which is intended to replace the group's outstanding €200 million 6% bonds due 2009 in an exchange offer.
The bond issuance will be at least €200 million, and the proposed maturity is 15 years. Further details of the issue are still pending.
The outlook is stable.
The purpose is to extend the company's maturity profile and to take advantage of current market conditions. Eesti Energia's total debt at June 30 was about €308 million, S&P said.
The issuer of the proposed bond is the parent entity in the Eesti Energia Group, with which almost all of the group's consolidated debt is located. S&P said it did not, therefore, consider the Eesti Energia parent debt to be materially structurally subordinated and, consequently, the debt issue rating was equalized with the corporate credit rating on Eesti Energia AS.
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