HSE Netz AG -- Moody's downgrades HSE Netz to Baa2, maintains review for downgrade

London, 15 November 2013 -- Moody's Investors Service has today downgraded the senior secured debt rating on the EUR320 million 6.125% Notes due 2041 issued by HSE Netz AG (HSE Netz) to Baa2 from Baa1. The rating action reflects (1) the deterioration in the credit quality of HSE Netz's parent HEAG Suedhessische Energie AG (HSE AG), which is to some extent driven by the negative developments in the German energy sector; and (2) Moody's view that the financing structure of HSE Netz does not fully insulate the company from the credit risk of the wider group, hence HSE Netz could be impacted by the declining credit quality of HSE AG.

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