Drop in Investments Was Planned in Any Case, Says EE Exec ({{commentsTotal}})

Eesti Energia board member Margus Kaasik said they had already made plans to cut investments in the near future before Moody's downgraded the company's credit rating on Tuesday.

The move prompted Finance Minister Jürgen Ligi to call for more conservative investment activities, but Kaasik, the chief financial officer, told uudised.err.ee today that a number of larger projects have already been or are nearing completion.

Commenting on the state-owned energy giant's credit rating, which was lowered from Baa1 to Baa2, Kaasik said that the rating was still high enough to attract cheap loans, and the downgrade will have no direct effect on interest rates paid on current loans.

He said that the main risks as appraised by Moody's stem from the industry's long term future.