Eurohold was removed from rating watch negative after it successfully addressed the maturity of its EUR 70 million bonds maturing on June 7 with the support of its local parent company Starcom Holding, the ratings agency said.
The stable outlook demonstrates Eurohold's reduced refinancing risk, as well as the predictable cashflow of Eurohold's electricity distribution subsidiary in Bulgaria - Electrohold, underpinned by a strong market position in supply and trade.
"The rating reflects the structural subordination of Eurohold holding company, a complex group structure, and corporate governance limitations", Fitch said. "The Eurohold and Starcom groups are undergoing structural changes whereby the rating impact will depend on the final allocation of debt within the group, the extent of any restrictions on cash upstreaming, and the post-transaction business profile", according to the rating agency.
Eurohold Bulgaria AD is one of the leading energy and financial groups in Southeast Europe, owner of Euroins Insurance Group AD and the Electrohold group.
The full report of Fitch can be found here.
1511 views
