Favorable Credit Rating for ALTEO Confirmed

Scope Ratings GmbH has confirmed the BB+/Stable issuer credit rating on the the Hungarian energy services provider company ALTEO Plc. along with its BBB- long-term senior unsecured debt rating and S-3 short-term debt rating which is four grade higher than the minimum level expected by the National Bank of Hungary (MNB).

As it has been announced at the website of the Budapest Stock Exchange, it was a  precondition for ALTEO’s participation in the MNB Bond Funding for Growth Scheme Program was that the bonds to be issued get at least a B+ rating by a credit rating agency accepted by European Securities and Markets Authority (ESMA).

Beyond that, the credit agency rated ALTEO and its control center as a credit-positive environmental factor as an ESG point of view, because its combined heat generation gas-fired power plants provide reserve capacity and balancing energy to the grid operator which in overall helps the renewable (mainly solar in Hungary) power plants to balance their volatile energy production.