Fitch lifts Bulgarian Energy view to stable

Fitch Ratings said it revised Bulgarian Energy Holding EAD's outlook to stable from negative and affirmed the long-term foreign- and local-currency issuer default ratings at BB-.

The agency also said it affirmed the company’s foreign-currency senior unsecured rating at BB-.

The outlook revision reflects the company’s improved liquidity position following the company's recent five-year €550 million bond issue, which allowed it to refinance most of its large short-term debt, Fitch said.

The ratings also consider the company’s substantially improved funds from operations in 2015 and 2016 from a low level in 2014 thanks to various legislative and regulatory changes, the agency said.

The ratings are notched up one level from the company's standalone rating, reflecting the group's strong links with the Bulgarian state, Fitch said.

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