S&P Places Bulgaria's NEK 'BB-' Rating on Watch Negative

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Standard&Poor’s Ratings Services said on Thursday it has placed its ‘BB-‘ long-term issuer credit rating on Bulgaria’s state-owned electricity utility NEK on CreditWatch with negative implications.

“The CreditWatch placement reflects our view of the repeated delays and uncertainties around NEK’s extension of its 250 million euro [$331 million] loan maturing on May 21, 2012,” the rating agency said in a statement.

Standard&Poor’s also said in the statement:

“We understand that the company and its syndicating agent have so far secured