S&P boosts Energo-Pro

S&P said it raised the ratings on Energo-Pro AS and its senior unsecured notes to BB- from B+.

“We believe Energo-Pro's (EPas') business risk profile has strengthened over the years, more recently through the integration of Turkish hydropower plant Alpaslan-2 and the acquisition of Spanish Xeal in 2023, as well as its record of cost recovery with minimal delays through annual tariff updates of its regulated operations in Bulgaria,” S&P said in a press release.

The agency added, “We expect EBITDA to remain between €300 million-€320 million annually and FFO to debt at about 20%. Over our forecast period, we anticipate that power prices will stabilize at around €100/MWh which, combined with newly integrated assets, should enable EPas to sustainably report EBITDA at €300 million-€320 million annually.”

The outlook is stable.

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