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CEZ Credit Rating Outlook Changed to Negative at Moody’s

Moody’s affirms CEZ’s A2 rating and changes outlook to negative from stable, citing “ongoing decline in the outlook for electricity generation in central Europe,” according to a statement. Moody’s also says: *Power prices won’t recover in “near-to-medium” term CEZ “particularly exposed” to changes in power price because its fleet is predominantly fixed-cost in nature *Low power prices to weigh on CEZ’s financial profile from 2014 *CEZ’s capex, dividend to face more funding challenge from 2013 onwards: *Change doesn’t factor in “additional risk” of investing in new nuclear reactors

To contact the reporter on this story: Ladka Bauerova in Prague at lbauerova@bloomberg.net

To contact the editor responsible for this story: Stephen Cunningham at scunningha10@bloomberg.net

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