Kretinsky ‘money cow’ downgraded
By Sean Whetstone
The Czech billionaire owns 49% of EUStream which has been a money cow for his European energy infrastructure enterprise for numerous years.
Prior to now this operation has generated hundred of hundreds of thousands in money which has allowed Kretinsky to put money into different companies together with Royal Mail, Sainsburys, Macys and West Ham United.
Fitch says their downgrade displays our view of a considerably increased threat to eustream’ long-term contracts with Russian vitality supplier Gazprom.
The warning follows the progressive escalation of sanctions between the EU and Russia, which might forestall the receipt of scheduled funds from Gazprom in case of additional measures, and from EU’s agency dedication to strongly cut back its reliance on Russian gasoline.