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Moody’s lifts Electricidade dos Acores
Moody's Investors Service said it upgraded to Ba3 from B1 the senior unsecured issuer rating of Electricidade dos Acores, SA (EDA).
The outlook remains stable.
Moody’s said the upgrade reflects the progress the company has made with regard to strengthening its liquidity profile and reducing debt over the last 18 months against the background of an improving macroeconomic environment and market conditions for Portuguese issuers.
It also takes account of the regulatory settlement for 2015-2017, which resulted in lower returns and tighter efficiency factors, and Moody's expectation that EDA should nevertheless be able to deliver a financial profile over the regulatory period, which is consistent with its Ba3 rating.
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