Fitch changes Energia Group view

Fitch Ratings said it revised Energia Group Ltd.'s outlook to stable from negative, while affirming the group's long-term issuer default rating at B+.

Energia Group was formerly known as Viridian Group Ltd.

“The change in outlook reflects lower-than-expected leverage metrics in financial year ended March 2019 and our expectation that funds from operations (FFO) adjusted net leverage in FY20 remain within our rating sensitivities,” the agency said in a news release.

“While there is scope for substantial deleveraging, it is Fitch's view that there is a steady shift in business mix towards unregulated EBITDA, within the restricted group.”

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