S&P rates Natsionalna Elektricheska Kompania BB

Standard & Poor's said it assigned its BB long-term corporate credit rating to Bulgaria-based electricity transmission grid operator Natsionalna Elektricheska Kompania EAD (NEK).

The outlook is stable.

"The ratings on NEK reflect its exposure to Bulgaria's still-weak transition-economy environment, the short operating track record of the company and the regulator, as well as the company's significant, partly debt-funded investment needs," said S&P credit analyst Magnus Pettersson.

"These factors are mitigated by the company's strong business position and strategic importance as the state-owned monopoly electricity transmission grid operator and electricity exporter." The ratings also benefit from a supportive regulatory environment.

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