...January 18, 2022 MOSCOW (S&P Global Ratings) Jan. 18, 2022--S&P Global Ratings today assigned its 'B+' long-term issue rating to the proposed U.S.-dollar-denominated notes to be issued by ENERGO-PRO a.s. (EPas; B+/Stable/--), a Czech Republic-headquartered electricity producer and distribution network operator with activities mainly in Bulgaria, Georgia, and Turkey. We think the proposed issuance will improve EPas' debt maturity profile since the proceeds will mostly be used to refinance existing debt, notably the notes due in December 2022. At the same time, we think it might mean higher finance expenses, which will be reflected in the company's funds from operations (FFO) from 2022. However, we note that EPas' 2021 results were moderately better than our previous assumptions on the back of supportive electricity prices and developments in electricity distribution segment regulation in Georgia, with expected 2021 EBITDA of 180 million-190 million (152 million in the first nine months of...
