...November 4, 2021 PARIS (S&P Global Ratings) Nov. 4, 2021--S&P Global Ratings today assigned its '###-' issue rating to Hungarian utility MVM Energy Private LLC's (MVM's; ###-/Stable/--) proposed benchmark senior unsecured notes with a tenor of six or seven years. The '###-' rating reflects that the notes rank equally with MVM's existing unsecured debt in the capital structure and that priority debt is well below our 50% threshold. The issuance is MVM's first euro-denominated bond on the capital markets and we expect it will use the proceeds for general corporate purposes. Our rating on MVM reflects its leading position in the Hungarian energy market, as well as its vertically integrated business model, which protects the company from current high gas and power price volatility. We believe that MVM's high share of regulated and contracted portfolio activities protects its current profitability, notably with Hungary's supportive regulatory framework for gas and electricity networks that helps...
