“The BBB- rating, with stable outlook, reflects, according to the report published by Fitch Rating Agency, the strong business profile of SN Nuclearelectrica SA underpinned by its strong market position as the sole producer of nuclear energy, covering approximately 20% of Romania’s consumption needs and 35% of the clean, CO2 emission-free energy at national level; the solid level of profitability, with a similar outlook for the period 2023-2026; major investment plans with reference to Unit 1, the Tritium Removal Facility and Units 3 and 4 for the period 2023-2027; the level of indebtedness related to the implementation of the refurbishment of Unit 1 of the Cernavoda NPP; medium-term investment projects with reference to the Units 3 and 4 Project and the SMR Project; the solid relationship with the Romanian State, the shareholding ties and the strategic importance of this relationship in relation to the investment projects; the impact of the energy price cap through the MACCE market mechanism”, the report reads.
According to the report, “in order to carry out major investment projects, from the perspective of a corporate governance approach focused on a high level of transparency, SN Nuclearelectrica SA has requested the evaluation and obtaining of the rating in order to position itself on the market and implicitly to grant the possibility of an objective evaluation of SNN’s capabilities by the international community of institutional investors.”
Nuclearelectrica has a market capitalization of RON14.4 billion and is 82.5%-owned by the Romanian State, through the Energy Ministry.SNN shares have traded 10.8% higher so far in 2023, amid deals worth RON406.6 million, as per stock market data.