Fitch international rating agency downgraded the long-term and short-term credit rating of BEH in Bulgarian and foreign currency, as well as the rating of the bond issue in foreign currency from BB to BB-.

The reason for the rating downgrade is NEK’s tariff deficit as a result of legislative amendments in 2015, as well as the expected entry into force of new terms on long-term power purchase agreements by the two U.S. TPPs AES 3C Maritza Iztok I and ContourGlobal Maritza Iztok 3. When the rating was set, BEH’s position on energy and gas markets in Bulgaria was taken into account.

Fitch Ratings expects that the state will support the holding in case of potential problems with liquidity.