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S&P upgrades PPCs rating at CCC with negative outlook

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S&P raised the credit rating of the utility to CCC/Negative from CCC-/Watch Negative.

 

The rating agency says that the utility has a liquidity cushion from rm the ADMIE sale proceeds; however it says that this cushion is only adequate for 2017 and new liquidity issue may pop up in 2Q 2018.

 

According to S&P, the negative outlook reflects the possibility of a further liquidity shortage in the following 12 months if PPC is unable to roll over ongoing debt maturities, as well as its need for a timely plan to refinance the April 2019 maturities on its €500m unsecured notes and €1.2bn syndicated loan with Greek banks.

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