Standard & Poor’s on Friday raised the credit rating of Greece ‘s Public Power Corporation to B from CCC, PPC said in a statement.
The country’s electricity utility stressed that this significant upgrading was the justification of efforts made by the country’s largest industrial enterprise to respond to the worst conditions of the deepest crisis ever recorded in Greece in the last decades.
S&P said its decision to raise PPC’s credit rating was based on the signing of a 2.2-billion-euro syndicated loan with a number of Greek banks and the signing of loan with European Investment Bank and a consortium of foreign banks – led by the German bank KfW.
The credit rating agency also said PPC’s outlook was positive based on the estimate that the corporation will reduce its business and financial risks in the next two years. It also cited the very good relations between PPC and Greek banks.
PPC signed a syndicated loan on Friday with Alpha Bank, Attica Bank, National Bank, Eurobank and Piraeus Bank.
(source: ana-mpa)
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