...October 25, 2023 PARIS (S&P Global Ratings) Oct. 25, 2023--S&P Global Ratings today assigned a 'B+' issue rating to the proposed U.S.-dollar-denominated notes to be issued by Energo-Pro a.s. (EPas), a Czech Republic-headquartered electricity producer and distribution network operator with activities mainly in Bulgaria, Georgia, Turkiye, and more recently Spain. The rating was placed on CreditWatch with developing implications. We placed our 'B+' long-term issuer credit rating on EPas on CreditWatch with developing implications on Sept. 28, 2023. This followed EPas's announcement of the acquisition of Western European-based hydro generators. We expect the acquisition to add about 60 million-70 million to EPas' EBITDA, offsetting the expected reduction in Georgian and Bulgarian EBITDA (see "Integrated Utility Energo-Pro 'B+' Rating Placed On CreditWatch Developing On Acquisition Of Western European Assets," published Sept. 28, 2023, on RatingsDirect). To finance the acquisition, EPas contracted...
