Fitch Places Eurohold Bulgaria, Units on Rating Watch Negative over CEZ Deal

Fitch Places Eurohold Bulgaria, Units on Rating Watch Negative over CEZ Deal

Fitch Ratings said that it has placed Eurohold Bulgaria's Long-Term Issuer Default Rating (IDR), and the Insurer Financial Strength (IFS) ratings of three of the group's subsidiaries on rating watch negative (RWN).The RWN follows the announcement that Eurohold plans to acquire the Bulgarian assets of the Czech power utility company CEZ for 335 million euro ($381 million), Fitch Ratings said in a statement on Thursday. The completion of the transaction is subject to approvals from Bulgaria's Commission for Protection of Competition and the Bulgarian energy regulator. The three units of Eurohold put on RWN are Insurance Company Euroins, Euroins Romania Asigurare Reasigurare and Insurance Company EIG Re. Fitch Ratings also said:"KEY RATING DRIVERS The RWN reflects Fitch's view that the proposed acquisition of CEZ assets could give rise to financial risks due to the expected high debt proportion in the financing structure as well as integration and execution risks.

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