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The international rating agency Standard & Poors (S&P) lowered the rating of Bulgaria's National Electric Company (NEC) from BB- to B+ with negative outlook.
According to S&P the unfavourable state regulations brought losses to NEC in 2013.
The risk sector in which NEC operates, its indebtedness and bad management are also among the factors, which brought the lowering of the rating.
The company didn't receive compensations on the preferential prices it pays for energy from renewable sources and on BGN 215 M it paid on long-term agreements for buying off the excess electricity.
NEC's parent company, the Bulgarian Energy Holding covered the cash shortage, but the credit status of NEC has worsened.
According to S&P in 2014 H1 NEC's financial situation will continue to deteriorate, but expects improvement in the second half of the year.
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