...- Czech electricity multi-utility ENERGO-PRO a.s. (Energo-Pro) continues to underperform in relation to our forecast, as below-average hydropower-generation volumes and weaker-than-expected income from regulated activities in Georgia lead to higher consolidated leverage at the level of wider consolidated group including parent company, DK Holding Investments (DKHI). - We continue to base our rating on the 'b+' group credit profile (GCP) for DKHI, and we view the company as a core subsidiary of DKHI. - We are therefore revising the outlook on Energo-Pro to negative from stable, and affirming our 'B+' long-term issuer credit rating on the company. - The negative outlook reflects limited headroom in the consolidated financial metrics compared with our 12% funds from operations (FFO)-to-debt target (corresponding to approximately 15% at Energo-Pro), and given the inherent volatility of the group's business, this could lead to a lower rating if the ratios do not recover after 2021....
