Business in Romania blog
The business in Romania blog writes about the Romanian business landscape, doing business in Romania, investing in Romania business and debating on business issues in Romania. Check this Blog's Policy here.



Friday, September 17, 2004
Business in Romania blog
NEW YORK, Sept 14 - Standard & Poor's Ratings Services said today it has raised its senior unsecured rating on the $200 million and $120 million notes issued on a fiduciary basis by J.P. Morgan Bank Luxembourg S.A. for S.C. Termoelectrica S.A. to 'BB+' from 'BB'. This follows the upgrade of the foreign currency senior unsecured rating on the Republic of Romania to 'BB+' from 'BB' earlier today (see the related release entitled "Republic of Romania Long-Term FC Ratings Raised To 'BB+' on Structural Reforms; Outlook Stable," available on RatingsDirect, Standard & Poor's Web-based credit analysis system). J.P. Morgan issued the notes on a fiduciary basis to fund loans made by it to Termoelectrica and 18 thermal power plants.

"The rating on the notes is based on the unconditional and irrevocable guarantee by the Republic of Romania of the due payment of principal and interest on the loans to the fiduciary, with the fiduciary using the proceeds of principal and interest payments from either the borrowers or guarantor to pay the notes' coupons and redemption amounts," said Standard & Poor's credit analyst Konrad Reuss.

Termoelectrica is 100%-owned by the Republic of Romania (foreign currency, BB+/Stable/B) and is not slated for full privatization in the near term. Termoelectrica is Romania's main producer of electric power and thermal heating. The company is stepping up its investment spending to boost efficiency and raise its environmental profile to EU standards--a vital objective in the Romanian government's EU accession plans.

Posted by Mihai Botea : 9/17/2004 10:05:00 am S&P raises rating for Termoelectrica S.A.
Business in Romania blog
Business in Romania blog


Business Archives

06/01/2004 - 07/01/2004
08/01/2004 - 09/01/2004
09/01/2004 - 10/01/2004
10/01/2004 - 11/01/2004
11/01/2004 - 12/01/2004
12/01/2004 - 01/01/2005
01/01/2005 - 02/01/2005
02/01/2005 - 03/01/2005
03/01/2005 - 04/01/2005
04/01/2005 - 05/01/2005
05/01/2005 - 06/01/2005
06/01/2005 - 07/01/2005
07/01/2005 - 08/01/2005
08/01/2005 - 09/01/2005
09/01/2005 - 10/01/2005
10/01/2005 - 11/01/2005
11/01/2005 - 12/01/2005
12/01/2005 - 01/01/2006
01/01/2006 - 02/01/2006
02/01/2006 - 03/01/2006


www.flickr.com
This is a Flickr badge showing public photos from Mihai Botea. Make you own badge here.


Add Business in Romania to My Yahoo!
Google


Previous Posts

Links

Business in Romania Feed Burner
 

Business in Romania is powered by Blogger

This website is proud to be designed by Mihai Dragan

I usually listen to THIS kind of music.