S&P revises Energo-Pro view to negative

S&P said it revised the outlook for Energo-Pro AS to negative from stable and affirmed its B+ rating on the company.

“Energo-Pro's earnings were below our expectations, leading to higher-than-expected consolidated group leverage,” said S&P in a press release.

In 2019, as per S&P estimates, the agency expects EBITDA to reach slightly above €130 million, which is marginally below its previous forecast, largely because of below-average hydrology conditions in Bulgaria and Georgia, which S&P said it believes could, to a degree, be offset with price dynamics in Bulgaria and positive results from Turkey.

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