...- On Oct. 26, 2023, Energo-Pro (EPas) issued a $300 million (280 million) 11% bond, due November 2028, to refinance its 300 million nine-month bridge loan. The refinancing will reduce the pressure we currently view on EPas' liquidity. At the same time, the coupon is higher than we expected, reducing rating headroom compared with our previous base case. - EPas also continues to benefit from high power prices. Its EBITDA rose 52% in first-half 2023 and could reach 290 million-310 million by year end. This should translate into S&P Global Ratings-adjusted funds from operations (FFO) to debt remaining higher than 20% at DK Holding Investments over 2023-2024 (about 20% at EPas). - We therefore affirmed our 'B+' long-term issuer credit rating on EPas, in line with that on parent DK Holding Investments (DKHI), and removed it from CreditWatch developing, where it was placed on Sept. 28, 2023. At the same time, we affirmed the 'B+' issue rating on the existing unsecured bonds not guaranteed by U.S....
