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.
