Fitch rates Czech Gas notes BBB+

Fitch Ratings said it assigned Czech Gas Networks Investments Sarl's proposed euro-denominated senior unsecured notes an expected BBB+ rating. It also affirmed the BBB long-term issuer default rating.

“The senior unsecured ratings are notched up once from the IDR, given the dominant contribution of regulated activities to group EBITDA, which strengthens recovery prospects for senior creditors. The notes proceeds will be used to prepay existing credit facilities. The group targets to remove financial covenants through the refinancing of current bank indebtedness,” Fitch said in a press release.

The outlook is stable.

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