Fitch Ratings affirmed Turkish energy company Enerjisa's national long-term rating at AA (tur) with a stable outlook, the global rating agency announced on Tuesday.
Fitch said that Enerjisa is characterized by more predictable earnings compared with other rated corporate issuers in Turkey and by high investment requirements in the near term.
The agency said that it views the current regulatory regime as favorable for investments, however, uncertainty remains over profitability once capex slows down after the current regulatory period, which ends in 2020.
"No country-ceiling or operating environment aspect impacts the rating, however, based on the parent and subsidiary linkage analysis Fitch rates Enerjisa and its subsidiaries on a consolidated basis," it said.
Fitch also noted that the rating is supported by the regulated nature of a large part of Enerjisa's operations, favourable market reforms, the group's predictable operating cash flows and experienced shareholders.
(Anadolu Agency)
