S&P rates Energo-Pro notes BB-

S&P said it affirmed the BB- long-term issuer credit rating on Energo-Pro AS.

The outlook is stable.

The agency also said it assigned a BB- rating to Energo-Pro's proposed notes and affirmed the BB- rating on its existing senior unsecured debt.

The ratings reflect an expectation that the planned refinancing will help streamline Energo-Pro's capital structure, increase gross debt and reduce headroom at the current rating level, S&P said.

The rating on the proposed notes is at the level of the issuer credit rating because, after the proposed refinancing, the group's capital structure will consist of two senior unsecured eurobonds at the parent level, implying no subordination risk, the agency explained.

Energo-Pro plans to refinance its existing debt at the subsidiaries level. This debt comprises various bank lines in the countries it operates and somewhat increase cash reserves on the balance sheet, S&P said.

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