S&P pumps up Public Power

S&P said it raised its ratings on Public Power Corp. SA to B from B-.

“The upgrade reflects our expectation that strategic repositioning and the improved Greek energy market fundamentals have transformed PPC’s competitive position, reducing concerns over its liquidity and long-term sustainability PPC’s strategic plan is to convert its generation mix toward lower carbon dioxide (CO2) emissions, improving its fleet competitiveness and long-term prospects. This supports the national energy transition targets defined in the new Greek government plan, finalized at year-end 2019. We view this alignment of objectives with the government, PPC’s main shareholder, as a positive,” S&P said in a press release.

The outlook is stable.

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