Standard & Poor's changed Eesti Energia’s credit rating outlook


28 August, TALLINN, International credit rating agency Standard & Poor’s Ratings Services revised yesterday Eesti Energia credit rating outlook from stable to negative. At the same time, the «A-» long-term corporate credit rating on the company was affirmed.

According to the rating agency, the negative outlook reflects the potential for significant weakening of Eesti Energia’s financial profile if the company participates in construction of a new nuclear power plant at Ignalina, Lithuania. A downgrade could occur on receipt of further details about EE’s investment in the proposed plant.

Margus Kaasik, CFO for Eesti Energia said the investment into the nuclear power plant at Ignalina will certainly affect Eesti Energia's financial state. However, this impact is too early to estimate, since the nuclear power plant project is in its very beginning. In order to provide greater financial flexibility Eesti Energia will take into consideration the credit rating when making investments.

Eesti Energia received its first credit rating in 2002. Corporate credit rating was previously revised in March 2006 when Moody’s upgraded Eesti Energia's rating to A1.

Additional information:
Iveri Marukashvili
Eesti Energia AS
Press Officer
Tel.: 71 51 218
GSM: 53 411 813
e-mail: [email protected]