Fitch upgrades EP Energy to BBB- / Outlook stable
Fitch has raised EP Energy’s long-term issuer default rating (IDR) to BBB- (from BB+) and senior secured rating to ‘BBB’ from ‘BBB-‘. The outlook on the IDR is stable.
The IDR upgrade mainly reflects rating equalisation with EP Energy’s parent, EP Infrastructure (EPIF, BBB-/Stable), following increasing integration of EP Energy within the larger EPIF Group.
About EP Infrastructure
EPIF is a leading European energy infrastructure utility focused on gas transmission, gas and power distribution, heat and power generation and gas storage. Power distribution and heat and power generation activities are operated by EP Energy Group. With principal operations in the Slovak Republic and the Czech Republic, EPIF is a unique European entity with a large and diversified portfolio of strategically important infrastructure assets. Measured by EBITDA, the Group is among the five largest industrial groups based in the Czech Republic.
- EPIF controls the Eustream gas transmission pipeline, the largest gas corridor for deliveries of Russian gas to Western, Central and Southern Europe.
- The Group is an important gas and electricity distributor in the Slovak Republic and is the leading distributor of heat to final consumers in the Czech Republic.
- EPIF holds the largest gas storage capacity in the region of Slovakia, Czech Republic and Austria.