Moody’s assigns Ba2 corporate family rating and a Ba2-pd probability of default rating to Electric Networks of Armenia


YEREVAN, February 3. /ARKA/. Moody’s Investors Service has assigned a Ba2 corporate family rating (CFR) and a Ba2-PD probability of default rating to the Electric Networks of Armenia (ENA), the national electricity distribution grid of the government of Armenia (Ba3 stable). The outlook on the ratings is stable.

Moody’s said ENA’s Ba2 CFR is supported by the company’s ) monopolistic position in the electricity distribution in Armenia; transparent, albeit relatively new, system of tariff regulation and clear-cut long-term arrangements for recovery of costs and pre-agreed investments, as well as the regulator’s structural independence from the government; good visibility of profitability and cash flow generation until 2027, owing to the signed 2016-2027 agreement between the company and the regulator; and its strong financial profile.

The Electric Networks of Armenia CJSC is a monopolist in the field of regulated distribution and marketing of electricity in Armenia. The company has more than 1 million consumers. In September 2015, the company’s all shares were acquired by Tashir Group.


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