Moody’s confirms Ba2 rating for Electric Networks of Armenia

After completing its periodic review, Moody's has confirmed its Ba2 corporate family rating for Electric Networks of Armenia, which is part of Tashir Group. The rating is unprecedented in Armenia and the entire region. It is one notch higher than that of Armenia (Ba3).

The rating is based on the transparent system of tariff regulation, long-term arrangements for recovery of costs and pre-agreed investments, good visibility of profitability and cash flow generation, strong financial profile in recent years, the regulator’s structural independence from the government, ENA’s stable position and development prospects on Armenia’s energy market.