Fitch Ratings said it has downgraded Bulgarian Energy Holding's (BEH)
long-term foreign and local currency issuer default ratings (IDR) and its
foreign currency senior unsecured rating to 'BB' from 'BB+', and placed the
ratings on rating watch negative (RWN).
"The rating downgrade reflects a
substantial deterioration of BEH group's credit metrics driven by a wider tariff
deficit at its subsidiary Natsionalna Elektricheska Kompania EAD (NEK) amid an
unfavourable regulatory and market environment," the ratings agency said in a
statement on Wednesday.