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Fitch slashes Net4gas
Fitch Ratings said it downgraded Net4gas, sro's long-term issuer default and senior unsecured ratings to BB- from BB+. The recovery rating remains RR4.
“The downgrade reflects our downward revision of Net4gas's transit-related profits in the short and medium term. This mainly stems from continuing Russian gas transit towards Ukraine and the Turkish Stream corridor, which limits the transit potential for Net4Gas and is only mitigated by our preliminary expectations of increased regulated revenues,” Fitch said in a press release.
The agency said it now estimates Net4gas’ EBITDA over 2024-2026, on average, at CZK 3 billion compared to CZK 5 billion in its October 2022 forecast.
The outlook is evolving.
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