Moody's has upgraded the long-term corporate family rating to Ba1 from Ba2 for the Croatian power company HEP, and assessed that it has a stable outlook, the Croatian company reported on Tuesday.

Moody’s has also raised HEP’s standalone credit quality to ba1.

The report stated that the upgrade reflected Moody’s expectation that the company would continue to demonstrate a strong financial profile, building on its solid track record in recent years, and retain its robust credit metrics in the following years, the Zagreb-based company says on its website.

‘We are pleased that our continuous efforts focused on improving the management of risk as well as of the overall financial position have been recognized,” Frane Barbaric, the President of the Management Board of Hrvatska elektroprivreda d.d was quoted as saying.

“By continuing a successful delivery of already started projects as well as the overall investment plans in the following period, we shall confirm our role as a frontrunner of energy transition thus providing the Croatian Government with support in the creation of conditions for a fast recovery of Croatian economy,” he said.