...+ Czech-registered, privately owned energy multi-utility ENERGO-PRO a.s. (Energo-Pro) intends to refinance the remaining debt at its subsidiaries through the issuance of senior unsecured notes with at least five years maturity. This will complete the transition to a centralized group funding model and improve financial flexibility. + Energo-Pro's refinancing will increase gross debt, lead to significant prepayment penalties, and thereby reduce the headroom under the existing rating. At the same time, it will lower the cost of debt and extend debt maturities. + We are therefore affirming our '##-' ratings on Energo-Pro and on its senior unsecured debt. + The outlook remains stable and reflects our expectations of funds from operations to debt improving above 20% in 2018-2019, heavy capital expenditure in Turkey, and adequate liquidity. LONDON (S&P Global Ratings) April 23, 2018--S&P Global Ratings said today that it affirmed its '##-' long-term issuer credit rating on the Czech electricity...
