Moody's raises EDP's rating to "BAA3" with stable outlook
Moody's Investors Services rating agency ("Moody's") increased the ratings of EDP, of its finance subsidiary EDP Finance BV. ("EDP Finance") and the Spanish subsidiary Hidroelectrica del Cantabrico ("HC Energia") from "Ba1" to "Baa3".
Similarly, Moody's improved the short-term rating of EDP, EDP Finance and HC Energia from 'Not-Prime' to 'Prime-3'. All ratings were placed on stable outlook. The improvement of EDP's rating to Baa3 /Prime-3 is based on the progress of the implementation of the group's strategy of financial deleveraging in the context of a slow improvement of the Portuguese economy.
Moody's also considers that the tariff deficit supported by the electrical system in Portugal is gradually stabilizing and thereby reducing the likelihood of the need for new regulatory cuts.
The stable outlook on all ratings is based on continuous and consistent delivery of EBITDA growth, the investment and deleveraging discipline, according to its strategic plan.
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