Standard and Poor’s has endorsed Enemalta's efforts in the implementation of its turnaround plan for better quality services and long-term financial sustainability.

“We believe that the predictability of Enemalta's performance has greatly improved and that the swing to profitability is now consolidated,” Standard and Poor’s said in its annual review of the company, issued this afternoon.

In a statement, Enemalta welcomed the review as another confirmation of its team's achievement as they transformed a loss-making corporation into a profitable, forward-looking company capable of providing customers with reliable and efficient electricity services at some of Europe’s lowest tariffs.

The rating agency identified the project to establish a diversified electricity generation mix, including the building of the new Delimara 4 gas-fired plant and the gas conversion of the Delimara 3 plant, as “one of the main steps” of Enemalta’s turnaround.

It confirmed the company's commitment to continue improving the efficiency of Malta’s electricity distribution network with another €60 million investment this year the next.

S&P also commended the company’s management team, upgrading Enemalta’s governance assessment from fair to satisfactory. “We believe that over the past three years, management delivered consistently against the targeted business repositioning and deleveraging,” it said. 

Last Friday, Fitch Ratings described Enemalta as a profitable company that was no longer a threat to Malta’s economic development.

 

 

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