Fitch rates Energo-Pro notes BB

Fitch Ratings said it assigned Energo-Pro AS' proposed notes a senior unsecured BB(EXP) rating, in line with the expected long-term issuer default rating of BB(EXP), which has a stable outlook.

The notes will constitute direct, unconditional and unsecured obligations of Energo-Pro and will rank equally among themselves and with all other unsecured and unsubordinated obligations of Energo-Pro.

The notes will be fully and unconditionally guaranteed by Energo-Pro Georgia Generation JSC and Energo-Pro Georgia JSC and Energo-Pro Varna EAD, once the latter redeems its existing bonds. The guarantors together represented around 73% of consolidated EBITDA in 2016.

Proceeds will be used for general corporate purposes, including the refinancing of group debt.

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