S&P trims Energo-Pro

S&P said it lowered its long-term issuer credit rating on Energo-Pro a.s. to B+ from BB-. The outlook is stable.

At the same time, S&P lowered its issue rating on Energo-Pro's existing senior unsecured debt to B+ from BB-.

“The downgrade reflects our view that Energo-Pro's EBITDA will be about €140 million in 2018, about 10% below our previous expectations, potentially recovering to €150 million in 2019,” S&P said in a news release.

“The company is exposed to significant hydrological risks and country risk factors in its key markets, including increased volatility of foreign exchange rates, which in our view effectively offsets the benefits of diversification.”

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