S&P Global Ratings upgraded Public Power Corporation (PPC) from BB- to BB, with a stable outlook, citing the recent capital increase and revision of the company’s business plan.
In its previous report, S&P Global Ratings noted that PPC’s business risk profile was improving following its strategic shift towards renewable energy and regulated activities.
The agency now expects this improvement to materialise more quickly, with PPC’s S&P Global Ratings-adjusted EBITDA projected to rise significantly to about 3.2-3.4 billion euros in 2028 from 2 billion euros in 2025, supported by a broader asset base.
This is 10%-20% above its previous forecast of 2.9 billion euros. S&P said stronger domestic economic conditions, PPC’s entry into new markets in the region, and demand for data centres would act as growth drivers for the company, whose integrated business model supports earnings despite volatility in wholesale prices.
According to the announcement, the credit rating agency expects PPC to report EBITDA of 2.4-2.5 billion euros in 2026 and 2.5-2.7 billion euros in 2027. Regarding the new strategic plan, the agency noted that the company has increased planned investment to around 24 billion euros for the 2026-2030 period, from around 10 billion euros previously planned for 2026-2028, supported by rising electricity demand, the decommissioning of fossil fuel generation units, and improving macroeconomic prospects in Southeast Europe.
The company will now invest about 5 billion euros per year, mainly in renewables, data centres and networks in Southeast Europe.
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