Fitch Ratings has affirmed Eurohold Bulgaria AD's Long Term Issuer Default Rating (IDR) at "B" and removed the company from Rating Watch Negative (RWN). The outlook is stable, the international rating agency said in a press release.
The removal from RWN reflects Fitch Ratings' view of Eurohold's reduced reputational risk and liquidity crunch risk stemming from the license withdrawal and bankruptcy procedure of its former material subsidiary Euroins Romania Asigurare-Reasigurare S.A. Eurohold's creditors and bondholders have given their consent to waive events of default under the group's debt documentation in relation to Euroins Romania.
Eurohold's financial performance in 2022 was better than the agency expected, the press release reads. The holding's indebtedness thus drops below the forecast level, and Fitch Ratings expects further improvement of this indicator in 2023. Contributing to this trend is the strong performance of the holding's energy business.
Eurohold Bulgaria is a leading energy and financial group with activities in Central, Eastern and Southeastern Europe. Its shares are traded on the financial exchanges in Sofia and Warsaw. Eurohold owns Electrohold, a leading electricity group in Bulgaria, and of Euroins Insurance Group, one of the big insurance groups in the region.
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