...- Energo-Pro (EPas) benefited from high power prices in 2022 resulting in strong S&P Global Ratings-forecast EBITDA growth to 290 million-310 million in 2022 from 207 million in 2021 and 108 million in 2020. - Power prices are expected to remain high until at least 2024, so S&P Global Ratings expects EPas' funds from operations (FFO) to debt of higher than 20% over our forecast period. That said, the volatile nature of the hydro generation business (about 50% of 2022 EBITDA) could hinder credit metrics in normal years. - EPas is proactively refinancing its 250 million bond due in 2024, which we currently view as pressuring liquidity; we expect the company to complete the refinancing in 2023. - We therefore affirmed our 'B+' long-term issuer credit rating on EPas, in line with that on parent DK Holding Investments (DKHI). - The positive outlook indicates that we could increase the rating if the utility secures sufficient liquidity and refinances the 2024 bond while maintaining FFO to debt...
