NET4GAS – BBB investment grade rating affirmed
At the end of June, S&P Global Ratings and Fitch Ratings affirmed the long-term rating of NET4GAS at the BBB investment grade with a stable outlook. Both rating reports reflect the fact that NET4GAS has financial resources allowing it to meet all of its current and future commitments in full and in a timely manner, and underscore the company's readiness to execute planned long-term investments.
Apart from its financial strength, which stems from stable and predictable cash flow, a high degree of flexibility, and the long-term strategic focus of the company's owners, both rating agencies have also taken into account the fact that the maturity of bank financing provided to NET4GAS has been extended. "We have taken advantage of the favorable situation on the market to refinance a portion of our debt earlier. In May of this year, lines of credit due in 2018 and 2019 were completely replaced with new credit arrangements with a maturity of five years," reported Václav Hrach, Chief Financial Officer of NET4GAS.
The rating agencies were provided with the company's investment plans prepared in the wake of the Europe-wide capacity auction held in March, in which NET4GAS offered and successfully sold new cross-border capacity connecting the GASPOOL market area in Germany with the Czech Republic, as well as the market areas of the Czech Republic and Slovakia. "In the coming years, we are prepared to carry out this project, and to invest into the Czech gas infrastructure," said Hrach, commenting on the investment readiness of NET4GAS, as affirmed by reports issued by the two leading international agencies.
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