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Fitch alters EP outlook to negative
Fitch Ratings said it removed EP Infrastructure as’ (EPIF) ratings from rating watch negative and assigned a negative outlook. The agency also affirmed EPIF’s BBB- ratings.
“Fitch's base scenario now incorporates full or near-complete shut off of Russian pipeline gas to Europe and no payments from Gazprom. We now base our analysis on EPIF's infrastructure capacity to carry alternative flows and thus receive capacity bookings to service demand nationally and from neighboring eastern European countries,” the agency said in a press release.
The outlook reflects uncertainties over the scale of alternative gas transits, the risk of over-hedging, and shareholder willingness to structurally deleverage below historical management targets and consistently with the agency’s revised rating sensitivities, Fitch said.
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