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S&P elevates Enemalta to BB-
S&P said it raised its long-term issuer credit rating on Enemalta to BB- from B+.
The outlook is stable.
The Maltese government has been providing continuous and timely financial support to the national electricity distribution system operator Enemalta throughout the energy crisis, S&P noted in a news release. S&P also notes the government has also set aside a budget of about €500 million for 2023 to support the company if needed.
“The stable outlook reflects our expectations that Enemalta's losses will be compensated by the government, resulting in debt to EBITDA of about 10x for the next 12-18 months, as well as an absence of liquidity pressure,” S&P said in a news release.
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