DRAVA, KUPA, RJE»INA, LOKVARKA, LI»ANKA LIKA, DOBRA ...

CREDIT RATING
In September 2010, Standard&Poor’s downgraded Hrvatska Elektroprivread’s credit rating from BB+ to BB, and in
December, as a consequence of the downgraded Croatia’s sovereign rating, to BB- with stable outlook.
HEP’s credit rating:
Credit rating history
BB- /Stable/
Local currency Foreign currency
November 13, 1998 BBB BBB-
July 19, 2005 BBB BBB
October 28, 2008 BBB /Negative/
February 23, 2009 BBB- /Watch Neg/
April 23, 2009 BB+ /Watch Neg/
September 7, 2009 BB+ /Negative/
September 23, 2010 BB /Negative/
December 22, 2010 BB- /Stable/
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HEP ANNUAL REPORT 2010 CHAPTER 3 - HEP’S BUSINESS OPERATIONS IN 2010