Credit rating agency Standard & Poor’s has upgraded Enemalta’s rating to ‘BB-‘ on the back of ongoing support by the government which has also ensured stable utility bills for consumers in Malta and Gozo.
“The rating on Enemalta continues to be underpinned by extraordinary ongoing support from the Maltese government,” S&P stated in its report.
The credit rating agency’s report noted the continuous and timely financial support to Enemalta, as the national electricity distribution system operator, throughout the energy crisis.
Enemalta welcomed this upgrade to its rating, alongside the upgrade to its credit rating outlook. This was upgraded to stable. Enemalta also noted the very significant positive development whereby the Company’s stand-alone credit profile (SACP) has been elevated by three notches from the B- profile.
Jonathan Cardona, Enemalta’s Chief Executive Officer expressed his satisfaction at this positive analysis. He thanked all employees for their hard work through a difficult year due to the unprecedented increases in gas prices.
“Despite increased prices, and thanks to Government’s support, Enemalta managed to speed up its investment in the distribution network to improve its service to consumers whilst maintaining stable electricity tariffs,” Jonathan Cardona said. “Enemalta remains committed toward maintaining and developing the country’s distribution infrastructure with minimal impact on the environment, whilst improving the service to the company’s customers.”