S&P upgrades NEK

S&P said it raised its long-term issuer credit rating on Natsionalna Elektricheska Kompania EAD (NEK) to B+ from B.

The outlook is stable.

The upgrade reflects a view that the creditworthiness of NEK's parent, Bulgarian Energy Holding, has improved and as a result, the parent’s ability to provide extraordinary and ongoing support to its subsidiary has increased, the agency said.

In June and July, Bulgarian Energy issued a total of €550 million in eurobonds to refinance the €500 million bonds maturing in November.

S&P said it believes the holding company's liquidity is no longer under pressure.

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