...May 7, 2025 PARIS (S&P Global Ratings) May 7, 2025--S&P Global Ratings today assigned its 'B+' long-term issue rating to the proposed euro-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, Turkey, Spain, and Brazil. We understand that up to 250 million of the proceeds will be used to finance the Baixo Iguacu acquisition, with the remainder after fees and expenses is to be used to partially repay EPas's 8.5% notes due 2027. We expect Energo-Pro's reported debt to increase to 1.50 billion-1.60 billion--including foreign exchange movements--from 1.17 billion at year-end 2024. At the same time, we expect cash interest to increase by 40 million-50 million annually due to the new bond as well as the integration of the existing debt at Baixo Iguacu. This should lead to to funds from operations (FFO) of about 150 million-170 million over 2025-2026,...
