Moodys confirmed the long-term rating of "Electric networks of  Armenia" at BA2

ArmInfo.The international rating agency Moody's Investors Service confirmed the long-term rating of CJSC "Electric Networks of Armenia" at the BA2 level with a  stable outlook. The rating of the company is unprecedented both for  companies of Armenia and the region.  

According to the report of ESA, despite the complex post-war situation, the rating of this Armenian energy company was confirmed, taking into account such positive  factors as a transparent tariff system, long-term cost recovery  mechanisms, a high level of financial and economic planning, a stable  financial position of the company and strong market Position.

The report notes that the credit rating creates a wide range of  opportunities for the company's exit to the international capital  market for the issuance of Eurobonds in the coming years, as well as  primary public offering (IPO) on international stock exchanges.

Note that after coming to ESA Tashir, the company immediately began  to implement a 10-year investment program in the amount of $ 726  million. The goal of a 10-year-old project is to improve the quality  of services provided to customers, in particular, modernization and  reconstruction of the electric power industry, the introduction of an  automated system of electricity metering, the introduction of  international standards of management (ISO) and other important  areas.

In this regard, cooperation with international financial  organizations is one of the most important activities of the company  <Electric networks of Armenia>. Since 2015, the company has been  actively cooperating with the Asian Development Bank, the European  Bank for Reconstruction and Development, the Eurasian Development  Bank and the International Finance Corporation, which are directed to  the implementation of the company's investment programs.

At the end of last year, the International Finance Corporation (IFC),  which is part of the World Bank Group, a loan agreement was signed in  the amount of $ 60 million on preferential terms for the  implementation of investment programs. The borrowed funds provided  for by the Agreement were provided by the company in February 2021.