Fitch: Energa note program BBB

Fitch Ratings said it has assigned Energa Finance AB (publ)'s €1 billion guaranteed euro medium-term note program a foreign currency senior unsecured rating of BBB.

The notes under the program are unconditionally and irrevocably guaranteed by Energa SA (BBB/stable).

The agency said it has also assigned an upcoming bond issue planned to be launched within the program an expected foreign currency senior unsecured rating of BBB(exp).

Fitch stated that the upgrade of Energa's ratings in October was driven by its improved financial flexibility driven the by changes in its long-term capex plan, increased focus on the distribution segment and slower than previously expected increase in projected leverage by 2015.

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