S&P assigns B+ to Energo Pro notes

S&P said it assigned a B+ issue rating to the planned U.S.-dollar-denominated notes to be issued by Energo-Pro as (EPas) and placed the rating on CreditWatch with developing implications.

The agency placed the company’s issuer rating on CreditWatch with developing implications on Sept. 28.

“This followed EPas's announcement of the acquisition of Western European-based hydro generators. We expect the acquisition to add about €60 million-€70 million to EPas' EBITDA, offsetting the expected reduction in Georgian and Bulgarian EBITDA (see ‘Integrated Utility Energo-Pro B+ Rating Placed On CreditWatch Developing On Acquisition Of Western European Assets,’ published Sept. 28, 2023, on RatingsDirect). To finance the acquisition, EPas contracted a €300 million bridge loan expiring in June 2024, which we understand the current transaction intends to refinance,” S&P said in a press release.

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