IEC’s debt totals NIS 74 billion, including NIS 56 billion in financial debt (credit and bonds). It predicts that the financial debt will shrink to NIS 50 billion by 2015, because of the improved cash flow following the arrival of natural gas from the Tamar field and the keeping of the electricity rate at 30% above the rate before the Egyptian gas crisis in 2011.
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In December 2013, Moody’s reaffirmed IEC’s international credit rating, and upgraded the outlook from “Negative” to “Stable”.Midroog Ltd. also upgraded its outlook for IEC’s TASE-listed bonds.
Published by Globes [online], Israel business news – www.globes-online.com