OREANDA-NEWS. Fitch Ratings has published the Presale Report on Czech Republic's Severomoravske vodovody a kanalizace Ostrava a.s. (SmVaK)

The publication includes the key rating drivers for the issuer under the following headings:
- Supportive Business Profile
- Interest Pass-Through Uncertainty
- Tariff Based on Justifiable Cost-Plus Principle with Regulated Profit
- Low-Cost Asset Owner
- Tariff-Mitigated Structural Challenge
- Benign Regulatory Regime
- Long Track Record
- Regulation Could Become Challenging
- Supportive Environment Compared with Peers
- Customer Diversification
- Cash-Generative Operations, Concentrated Funding
- Aggressive Refinancing
- Robust Organic Cash Flows
- Generic Senior Unsecured Uplift
- Immediate Peer Group - Comparative Analysis
- Simplified Group Structure Diagram
- Standalone Operation and Funding
- Key Debt Instruments
- Reconciliation of Key Financial Metrics for SmVaK

The report is available at www.fitchratings.com.