Power Slide Hurts Czech Utility Bonds as Downgrade Looms: ChartBy
Bond investors are punishing eastern Europe’s biggest electricity producer as collapsing power prices threaten its bottom line. The extra yield they demand to own the debt of state-controlled CEZ AS over the Czech sovereign has quadrupled in nine months. Moody’s Investors Service warned last week it may cut CEZ’s A3 rating in the next three months, saying its profits were “particularly exposed” to the price downturn.
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