Moody's cuts Transelectrica

Moody's Investors Service said it downgraded to Ba2 from Ba1 Transelectrica SA's long-term corporate family and probability of default ratings. The outlook on the ratings is negative.

"The downgrade of Transelectrica's ratings to Ba2 from Ba1 reflects the ongoing concerns over the liquidity position of Transelectrica, the associated refinancing risk, and the company's continued reliance on short term bank facilities to meet ongoing funding needs." said Nicholas Stevens, Moody's lead analyst for Transelectrica, in a news release.

"The negative outlook captures the continued risk to the support expectations from the Romanian government."

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