Fitch rates Energo-Pro notes BB

Fitch Ratings said it assigned a senior unsecured rating of BB to Energo-Pro AS's proposed notes, in line with the company's long-term issuer default rating of BB.

The outlook is stable.

The notes will constitute direct, unconditional, unsubordinated and unsecured obligations of the company and rank equally among themselves and with all other unsecured and unsubordinated obligations, Fitch said.

The proceeds will be used for the refinancing of group indebtedness, mainly at the level of its operating companies, Fitch noted.

The ratings reflect the supportive network regulatory regime and support mechanism available for part of the generation business, the agency said, as well as the company's geographic diversification.

The ratings also consider the company's small size relative to other rated European utilities, cash-flow volatility and varying hydrology conditions affecting generation volumes, Fitch said.

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