Moody’s pushes EEM view to positive

Moody's Investors Service said it changed the outlook on Empresa de Electricidade da Madeira, SA (EEM) to positive from stable.

“The positive outlook on EEM reflects the improvement of credit metrics supported notably by the successful achievement of operational efficiencies in the context of moderate investments, over the recent past (2019-21). In particular, it takes into account the potential for FFO/debt to remain sustainably above 10%, in line with current upgrade guidance, assuming that the company is able to maintain operating performance and recover its costs.

“The positive outlook also reflects the broad continuity in the regulatory determination in December 2021 related to the approach to allowed remuneration–now skewed to the upside––and operating efficiencies––with efficiency objectives slightly less demanding versus the previous period,” Moody’s said in a press release.

Concurrently, Moody´s affirmed the company’s long-term corporate family rating at B1.

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