...+ We have revised down our forecast for Energo-Pro's financial metrics in 2018-2019, due to lower recovery in hydropower generation volumes, growing costs, and exposure to country risks including currency volatility, which in our view offsets the benefits of country diversification. + We are therefore lowering our long-term ratings on Energo-Pro to 'B+' from '##-'. + The stable outlook reflects our expectations that consolidated funds from operations to debt at the level of Energo-Pro's parent, DKHI, will improve above 12% (corresponding to approximately 15% at Energo-Pro), but parent-level free operating cash flow will remain negative because of heavy capital expenditure. MOSCOW (S&P Global Ratings) Dec. 7, 2018--S&P Global Ratings today lowered its long-term issuer credit rating on the Czech electricity multi-utility ENERGO-PRO a.s. (Energo-Pro) to 'B+' from '##-'. The outlook is stable. At the same time, we lowered our issue rating on Energo-Pro's existing senior unsecured debt to 'B+'...
