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Published on 9/25/2013 in the Prospect News Emerging Markets Daily.

S&P rates ZSE BBB+

Standard & Poor's said it assigned a BBB+ long-term corporate credit rating to Zapadoslovenska energetika (ZSE), along with a BBB+ rating to its €1 billion euro medium-term note program.

The outlook is stable.

The ratings reflect ZSE's stand-alone credit profile of BBB+ due to its strong business risk profile and significant financial risk profile, S&P said.

The ratings also consider the moderately high likelihood that the Republic of Slovakia would provide timely and sufficient extraordinary support to ZSE in the event of financial distress, the agency said.

S&P said it understands that the government has no plans to privatize ZSE in the medium term and will continue to exercise control over ZSE's key strategic decisions on investments and financial policies.


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