Fitch rates Energo-Pro BB

Fitch Ratings said it assigned an expected long-term foreign-currency issuer default rating of BB with stable outlook to Energo-Pro AS.

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

The ratings also consider the company's relatively small size compared to other rated European utilities, along with cash flow volatility due to supply pass-through items, the agency said.

The rating also take into account the consolidated group profile without notching for subordination based on the proposed group refinancing plan, Fitch said.

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