Moody’s changes Empresa de Electricidade da Madeira view

Moody's Investors Service said it changed the outlook on Empresa de Electricidade da Madeira, SA (EEM)'s long-term corporate family rating to positive from stable and affirmed the rating at B1.

Concurrently, Moody’s upgraded the company’s standalone baseline credit assessment to b1 from b2.

The upgrade reflects the company’s good progress in its capital investment program as evidenced by the start of operations at the Calheta hydroeletrical power plant in December 2019, and an expectation that credit metrics will reach a level consistent with guidance for the b1 BCA of funds from operations/debt in the high single digits in percentage terms.

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