The following lists rank the European utilities that S&P Global Ratings rates, from strongest to weakest. We rank companies, in turn, by the rating, outlook, stand-alone credit profile (SACP), and business and financial risk profile. Companies are then listed in alphabetical order, if not distinguished by these factors.
In line with our corporate rating methodology, the final rating may differ from the SACP, where group, government, or rating above the sovereign considerations apply. Where the SACP differs from the anchor, as it does for about one-third of the ratings, we have applied one or more modifiers, which may include that for liquidity. The anchor and active modifiers of each company are included in the tables below but do not influence the ranking.
The utilities sector includes integrated power companies (with networks, generation, and supply), pure network operators (gas and power transmission and distribution networks, as well as water utilities), and power generators. Networks operate under regulatory frameworks, which generally provide cash flow stability (industry risk: 1; very low). Generation and supply activities are unregulated, dependent upon volatile commodity markets, and subject to massive transformation in the context of energy transition (industry risk: 4; moderately high).
For our sector outlooks and analysis, please refer to the Related Research section below.
Chart 1
We see the following key drivers for the sector amid COVID-19:
Resilience is showing. European utilities are showing solid credit resilience amid COVID-19: we have downgraded only 3% of our rated portfolio since March, while in total 25% have a negative outlook or are on CreditWatch negative.
De-risking. Regulated networks and long-term contracted renewables, which represent a growing proportion of utilities' core businesses, continue to offer solid growth prospects.
Weaker power prices and demand. We expect some weakening in earnings for power generators given that power prices are hit by low commodity prices and weak demand.
Sustained investments. We anticipate ongoing strong new investment by utilities over the next two-to-three years, while past investments will yield additional cash flows over 2021-2023 as projects are commissioned.
For more information, please read our "Industry Top Trends Update: EMEA Utilities," published on July 16.
Chart 2
Issuer Ranking Lists
Table 1
Diversified Utilities: Strongest To Weakest | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Issuer | Long-term issuer credit rating | Outlook | Country | Business risk profile | Financial risk profile | Volatility table | Modifiers | Management & governance | SACP | Likelihood of government support | Primary analyst | |||||||||||||
KELAG |
A | Stable | Austria | Strong | Modest | Medial | Satisfactory | a | Leal, Gerardo | |||||||||||||||
Verbund AG |
A | Stable | Austria | Strong | Modest | Standard | Financial Policy (-1 notch) | Satisfactory | a- | Moderate (+1 notch) | Schurich, Bjoern | |||||||||||||
Energie AG Oberoesterreich |
A | Stable | Austria | Strong | Intermediate | Medial | Positive CRA (+1 notch) | Satisfactory | a- | Moderate (+1 notch) | Schurich, Bjoern | |||||||||||||
Energie Steiermark AG |
A | Stable | Austria | Strong | Intermediate | Medial | Satisfactory | a- | Moderate (+1 notch) | Leal, Gerardo | ||||||||||||||
Wiener Stadtwerke GmbH |
A | Stable | Austria | Strong | Significant | Medial | Fair | bbb | High (+3 notches) | Schurich, Bjoern | ||||||||||||||
EVN AG |
A | Negative | Austria | Satisfactory | Modest | Medial | Positive CRA (+1 notch) | Satisfactory | a- | Moderate (+1 notch) | Schurich, Bjoern | |||||||||||||
Electricity Supply Board |
A- | Stable | Ireland | Strong | Significant | Medial | Positive CRA (+1 notch) | Satisfactory | bbb+ | Moderately High (+1 notch) | Cantabrana Fernandez, Gonzalo | |||||||||||||
EnBW Energie Baden-Wuerttemberg AG |
A- | Stable | Germany | Strong | Significant | Medial | Positive CRA (+1 notch) | Satisfactory | bbb+ | Moderate (+1 notch) | Gottliebova, Renata | |||||||||||||
N.V. Eneco Beheer |
A- | Stable | Netherlands | Satisfactory | Modest | Standard | Satisfactory | bbb+ | Leal, Gerardo | |||||||||||||||
Saudi Electric Co. |
A- | Stable | Saudi Arabia | Fair | Aggressive | Standard | Fair | bb- | Almost Certain (+6 notches) | Jagtiani, Sapna | ||||||||||||||
CEZ a.s. |
A- | Negative | Czech Republic | Strong | Significant | Standard | Satisfactory | bbb | Moderately High (+2 notches) | Cantabrana Fernandez, Gonzalo | ||||||||||||||
Enel SpA |
BBB+ | Stable | Italy | Strong | Significant | Medial | Positive CRA (+1 notch) | Strong | bbb+ | Moderate (no impact) | Schiavo, Massimo | |||||||||||||
ENGIE SA |
BBB+ | Stable | France | Strong | Significant | Medial | Positive CRA (+1 notch) | Satisfactory | bbb+ | Low (no impact) | Mauduit-Le Clercq, Claire | |||||||||||||
Iberdrola S.A. |
BBB+ | Stable | Spain | Strong | Significant | Medial | Positive CRA (+1 notch) | Strong | bbb+ | Cantabrana Fernandez, Gonzalo | ||||||||||||||
Scottish Power Ltd. |
BBB+ | Stable | United Kingdom | Strong | Significant | Medial | Positive CRA (+1 notch) | Satisfactory | bbb+ | Bernu, Julien | ||||||||||||||
SSE PLC |
BBB+ | Stable | United Kingdom | Strong | Significant | Medial | Positive CRA (+1 notch) | Satisfactory | bbb+ | Benjamin, Matan | ||||||||||||||
Vattenfall AB |
BBB+ | Stable | Sweden | Strong | Significant | Standard | Satisfactory | bbb | Moderate (+1 notch) | Karlsson, Per | ||||||||||||||
Kraftringen Energi AB (publ) |
BBB+ | Stable | Sweden | Satisfactory | Intermediate | Medial | Negative CRA (-1 notch) | Fair | bbb- | High (+2 notches) | Annas, Daniel | |||||||||||||
Electricite de France S.A. |
BBB+ | Stable | France | Satisfactory | Significant | Medial | Negative CRA (-1 notch) | Fair | bb+ | High (+3 notches) | Mauduit-Le Clercq, Claire | |||||||||||||
Ignitis Group UAB |
BBB+ | Negative | Lithuania | Satisfactory | Intermediate | Medial | Satisfactory | bbb | Moderately High (+1 notch) | Gottliebova, Renata | ||||||||||||||
Hera SpA |
BBB | Positive | Italy | Strong | Significant | Medial | Satisfactory | bbb | Schiavo, Massimo | |||||||||||||||
E.ON SE |
BBB | Stable | Germany | Strong | Significant | Medial | Satisfactory | bbb | Schurich, Bjoern | |||||||||||||||
EP Infrastructure |
BBB | Stable | Czech Republic | Strong | Significant | Medial | Satisfactory | bbb | Gottliebova, Renata | |||||||||||||||
innogy |
BBB | Stable | Germany | Strong | Significant | Medial | Satisfactory | bbb | Schurich, Bjoern | |||||||||||||||
Naturgy Energy Group S.A. |
BBB | Stable | Spain | Strong | Significant | Medial | Fair | bbb | Cantabrana Fernandez, Gonzalo | |||||||||||||||
Veolia Environnement S.A. |
BBB | Stable | France | Strong | Significant | Standard | Satisfactory | bbb | Schiavo, Massimo | |||||||||||||||
Centrica PLC |
BBB | Stable | United Kingdom | Satisfactory | Intermediate | Standard | Satisfactory | bbb | Benjamin, Matan | |||||||||||||||
A2A SpA |
BBB | Stable | Italy | Satisfactory | Significant | Medial | Positive CRA (+1 notch) | Satisfactory | bbb | Low (no impact) | Schiavo, Massimo | |||||||||||||
Uniper SE |
BBB | Negative | Germany | Satisfactory | Modest | Standard | Negative CRA (-1 notch) | Satisfactory | bbb | Schurich, Bjoern | ||||||||||||||
Fortum Oyj |
BBB | Negative | Finland | Satisfactory | Intermediate | Standard | Fair | bbb- | Moderate (+1 notch) | Schiavo, Massimo | ||||||||||||||
EDP - Energias de Portugal S.A. |
BBB- | Stable | Portugal | Strong | Aggressive | Standard | Positive CRA (+1 notch) | Satisfactory | bbb- | Schiavo, Massimo | ||||||||||||||
Edison SpA |
BBB- | Stable | Italy | Satisfactory | Intermediate | Standard | Satisfactory | bbb- | Pasquier, Pauline | |||||||||||||||
Eesti Energia AS |
BBB- | Stable | Estonia | Satisfactory | Significant | Standard | Negative CRA (-1 notch) | Satisfactory | bb | Moderately High (+2 notches) | Gottliebova, Renata | |||||||||||||
Hrvatska Elektroprivreda d.d. |
BB+ | Stable | Croatia | Fair | Intermediate | Standard | Fair | bb+ | High (no impact) | Leal, Gerardo | ||||||||||||||
Zagrebacki Holding d.o.o. |
B+ | WatchNeg | Croatia | Weak | Highly Leveraged | Standard | Negative CRA (-1 notch) | Fair | b- | Very High (+2 notches) | Gottliebova, Renata | |||||||||||||
Public Power Corp. S.A. |
B- | Stable | Greece | Vulnerable | Highly Leveraged | Standard | Weak (-1 notch) | ccc+ | Moderate (+1 notch) | Cantabrana Fernandez, Gonzalo | ||||||||||||||
ESKOM Holdings SOC Ltd. |
CCC+ | Stable | South Africa | Weak | Highly Leveraged | Standard | Weak (-1 notch) | ccc- | High (+2 notches) | Collocott, Omega M | ||||||||||||||
SACP--Stand-alone credit profile. |
Table 2
Distribution System Operators (DSOs): Strongest To Weakest | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Issuer | Long-term issuer credit rating | Outlook | Country | Business risk profile | Financial risk profile | Volatility table | Modifiers | Management & governance | SACP | Likelihood of government support | Primary analyst |
Alliander N.V. |
AA- | Stable | Netherlands | Excellent | Modest | Low | Negative CRA (-1 notch) | Satisfactory | aa- | Leal, Gerardo | |
Enexis Holding N.V. |
A+ | Stable | Netherlands | Excellent | Intermediate | Low | Satisfactory | a+ | Leal, Gerardo | ||
Northern Powergrid (Yorkshire) PLC |
A | Stable | United Kingdom | Excellent | Intermediate | Low | Negative CRA (-1 notch) | Satisfactory | a | Bernu, Julien | |
Gas Networks Ireland |
A | Stable | Ireland | Excellent | Intermediate | Low | Financial Policy (-1 notch) | Satisfactory | a- | High (+1 notch) | Gottliebova, Renata |
London Power Networks PLC |
A- | Stable | United Kingdom | Excellent | Intermediate | Low | Financial Policy (-1 notch) | Satisfactory | a- | Bernu, Julien | |
Stedin Holding N.V. |
A- | Stable | Netherlands | Excellent | Significant | Low | Satisfactory | a- | Leal, Gerardo | ||
Western Power Distribution PLC |
A- | Stable | United Kingdom | Excellent | Significant | Low | Satisfactory | a- | Bernu, Julien | ||
Zapadoslovenska energetika a.s. |
A- | Stable | Slovak Republic | Strong | Intermediate | Medial | Satisfactory | a- | Moderately High (no impact) | Schurich, Bjoern | |
Wales & West Utilities Finance PLC Class A |
A- | Negative | United Kingdom | Excellent | Aggressive | Low | Positive CRA (+1 notch) | Satisfactory | bbb+ | SED +1 | Bernu, Julien |
Northern Ireland Electricity Networks Ltd. |
BBB+ | Stable | United Kingdom | Excellent | Significant | Low | Satisfactory | a- | Rydevik, Gustav B | ||
Cadent Gas Ltd. |
BBB+ | Stable | United Kingdom | Excellent | Significant | Low | Negative CRA (-1 notch) | Satisfactory | bbb+ | Rydevik, Gustav B | |
Electricity North West Ltd. |
BBB+ | Stable | United Kingdom | Excellent | Significant | Low | Negative CRA (-1 notch) | Satisfactory | bbb+ | Benjamin, Matan | |
Northern Gas Networks Ltd. |
BBB+ | Stable | United Kingdom | Excellent | Significant | Low | Financial Policy (-1 notch) | Satisfactory | bbb+ | Bernu, Julien | |
South Eastern Power Networks plc |
BBB+ | Stable | United Kingdom | Excellent | Significant | Low | Financial Policy (-1 notch) | Satisfactory | bbb+ | Bernu, Julien | |
Caruna Networks Oy |
BBB+ | Stable | Finland | Excellent | Aggressive | Low | Positive CRA (+1 notch) | Satisfactory | bbb+ | Annas, Daniel | |
Elenia Verkko Oyj |
BBB+ | Stable | Finland | Excellent | Aggressive | Low | Satisfactory | bbb | SED +1 | Annas, Daniel | |
UK Power Networks Services Holdings Ltd. |
BBB+ | Stable | United Kingdom | Strong | Significant | Standard | Satisfactory | bbb | Bernu, Julien | ||
Scotland Gas Networks PLC |
BBB+ | Negative | United Kingdom | Excellent | Significant | Low | Negative CRA (-1 notch) | Satisfactory | bbb+ | Rydevik, Gustav B | |
2i Rete Gas |
BBB | Stable | Italy | Excellent | Aggressive | Low | Satisfactory | bbb | Pasquier, Pauline | ||
Wales & West Utilities Finance PLC Class B |
BBB | Negative | United Kingdom | Excellent | Aggressive | Low | Satisfactory | bbb | Bernu, Julien | ||
Ellevio AB Class A |
BBB | Negative | Sweden | Excellent | Aggressive | Low | Negative CRA (-1 notch) | Satisfactory | bbb- | SED +1 | Annas, Daniel |
Madrilena Red de Gas, S.A.U. |
BBB | WatchNeg | Spain | Excellent | Aggressive | Medial | Fair | bbb | Leal, Gerardo | ||
NorteGas Energia Distribucion, S.A.U. |
BBB- | Stable | Spain | Excellent | Aggressive | Medial | Negative CRA (-1 notch) | Fair | bbb | Leal, Gerardo | |
Galp Gas Natural Distribuicao, S.A. |
BBB- | Stable | Portugal | Excellent | Aggressive | Medial | Negative CRA (-1 notch) | Fair | bbb- | Cantabrana Fernandez, Gonzalo | |
Redexis Gas, S.A. |
BBB- | Stable | Spain | Excellent | Aggressive | Medial | Negative CRA (-1 notch) | Satisfactory | bbb- | Leal, Gerardo | |
Viesgo Holdco S.A.U. |
BBB- | Stable | Spain | Strong | Aggressive | Medial | Positive CRA (+1 notch) | Fair | bbb- | Cantabrana Fernandez, Gonzalo | |
Rosseti PJSC |
BBB- | Stable | Russia | Fair | Significant | Standard | Satisfactory | bb | High (+2 notches) | Anankina, CFA, Elena | |
Interregional Distribution Grid Company of Centre PJSC |
BB+ | Stable | Russia | Fair | Significant | Standard | Fair | bb | Moderate (no impact) Moderately Strategic in the group (+1 notch) | Brusinets, Anna | |
Moscow United Electric Grid Co. PJSC |
BB+ | Stable | Russia | Fair | Significant | Standard | Fair | bb | Moderate (no impact) Moderately Strategic in the group (+1 notch) | Brusinets, Anna | |
Kazakhstan Electricity Grid Operating Co. (JSC) |
BB+ | Stable | Kazakhstan | Weak | Significant | Standard | Fair | bb- | High (+2 notches) | Gorin, Sergei | |
Ellevio AB Class B |
BB+ | Negative | Sweden | Excellent | Highly Leveraged | Low | Negative CRA (-1 notch) | Satisfactory | bb+ | Annas, Daniel | |
Enemalta PLC |
BB- | Negative | Malta | Weak | Highly Leveraged | Standard | Fair | b- | High (+3 notches) | Pasquier, Pauline | |
ENERGO-PRO a.s. |
B+ | Negative | Czech Republic | Weak | Aggressive | Standard | Fair | b+ | Gottliebova, Renata | ||
Natsionalna Elektricheska Kompania EAD |
B+ | Negative | Bulgaria | Weak | Highly Leveraged | Standard | Weak (-1 notch) | b- | Gottliebova, Renata | ||
SACP--Stand-alone credit profile. |
Table 3
Transmission System Operators (TSOs): Strongest To Weakest | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Issuer | Long-term issuer credit rating | Outlook | Country | Business risk profile | Financial risk profile | Volatility table | Modifiers | Management & governance | SACP | Likelihood of government support | Primary analyst | |||||||||||||
Fingrid Oyj |
AA- | Stable | Finland | Excellent | Intermediate | Low | Satisfactory | a+ | High (+1 notch) | Annas, Daniel | ||||||||||||||
N.V. Nederlandse Gasunie |
AA- | Stable | Netherlands | Excellent | Intermediate | Low | Satisfactory | a | High (+2 notches) | Schurich, Bjoern | ||||||||||||||
Statnett SF |
A+ | Stable | Norway | Excellent | Aggressive | Low | Satisfactory | bbb | Very High (+4 notches) | Annas, Daniel | ||||||||||||||
RTE Reseau de Transport d Electricite |
A | Stable | France | Excellent | Significant | Low | Negative CRA (-1 notch) | Satisfactory | bbb+ | High (+2 notches) | Mauduit-Le Clercq, Claire | |||||||||||||
National Grid PLC |
A- | Stable | United Kingdom | Excellent | Significant | Medial | Satisfactory | a- | Benjamin, Matan | |||||||||||||||
Red Electrica Corporacion S.A. |
A- | Stable | Spain | Excellent | Significant | Medial | Satisfactory | a- | Moderate (no impact) | Cantabrana Fernandez, Gonzalo | ||||||||||||||
Vier Gas Transport GmbH |
A- | Stable | Germany | Excellent | Significant | Low | Satisfactory | a- | Leal, Gerardo | |||||||||||||||
Coentreprise de Transport d'Electricite |
A- | Stable | France | Excellent | Significant | Low | Negative CRA (-1 notch) | Satisfactory | bbb+ | Moderate (+1 notch) | Mauduit-Le Clercq, Claire | |||||||||||||
TenneT Holding B.V. |
A- | Stable | Netherlands | Excellent | Aggressive | Low | Fair | bbb | Moderately High (+2 notches) | Schurich, Bjoern | ||||||||||||||
Eurogrid GmbH |
BBB+ | Stable | Germany | Excellent | Significant | Low | Financial Policy (-1 notch) | Satisfactory | bbb+ | Schurich, Bjoern | ||||||||||||||
Elia Group SA/NV |
BBB+ | Stable | Belgium | Excellent | Aggressive | Low | Positive CRA (+1 notch) | Satisfactory | bbb+ | Schurich, Bjoern | ||||||||||||||
Enagas S.A. |
BBB+ | Stable | Spain | Strong | Significant | Medial | Positive CRA (+1 notch) | Satisfactory | bbb+ | Moderate (no impact) | Cantabrana Fernandez, Gonzalo | |||||||||||||
SNAM SpA |
BBB+ | Negative | Italy | Excellent | Significant | Low | Satisfactory | a- | Moderately High (no impact) Capped +1 vs Italy (-1 notch) | Annas, Daniel | ||||||||||||||
Terna SpA |
BBB+ | Negative | Italy | Excellent | Significant | Low | Satisfactory | a- | Moderately (no impact) Capped +1 vs Italy (-1 notch) | Schiavo, Massimo | ||||||||||||||
REN-Redes Energeticas Nacionais SGPS S.A. |
BBB | Stable | Portugal | Excellent | Aggressive | Medial | Satisfactory | bbb | Cantabrana Fernandez, Gonzalo | |||||||||||||||
Federal Grid Co. of the Unified Energy System |
BBB- | Stable | Russia | Fair | Intermediate | Standard | Satisfactory | bb+ | High (no impact) Core in the group (+1 notch) | Anankina, CFA, Elena | ||||||||||||||
Azerenerji JSC |
BB | Stable | Azerbaijan | Weak | Highly Leveraged | Standard | Capital Structure (-1 notch) | Fair | b- | Extermely High (+4 notches) | Gorin, Sergei | |||||||||||||
KazTransOil |
BB | Negative | Kazakhstan | Fair | Minimal | Standard | Financial Policy (-1 notch) | Fair | bb+ | High (no impact) Strategically important (-1 notch) | Gorin, Sergei | |||||||||||||
KazTransGas |
BB | Negative | Kazakhstan | Fair | Significant | Standard | Fair | bb | Moderately High (no impact) Strategically important (no impact) | Gorin, Sergei | ||||||||||||||
Oman Electricity Transmission Co. |
BB- | Negative | Oman | Strong | Aggressive | Medial | Less than Adequate Liquidity (-1 notch) | Fair | bb | High (no impact) Capped at sovereign level (-1 notch) | Jagtiani, Sapna | |||||||||||||
SACP--Stand-alone credit profile. |
Table 4
Generators: Strongest To Weakest | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Issuer | Long-term issuer credit rating | Outlook | Country | Business risk profile | Financial risk profile | Volatility table | Modifiers | Management & governance | SACP | Likelihood of government support | Primary analyst | |||||||||||||
Tekniska verken i Linkoping AB |
A+ | Stable | Sweden | Satisfactory | Modest | Medial | Satisfactory | bbb+ | High (+3 notches) | Annas, Daniel | ||||||||||||||
Statkraft SF |
A- | Stable | Norway | Strong | Significant | Standard | Satisfactory | bbb | Moderately High (+2 notches) | Annas, Daniel | ||||||||||||||
Stockholm Exergi Holding AB (publ) |
BBB+ | Stable | Sweden | Strong | Significant | Medial | Satisfactory | bbb | Moderate (+1 notch) | Annas, Daniel | ||||||||||||||
Orsted A/S |
BBB+ | Stable | Denmark | Satisfactory | Intermediate | Standard | Strong | bbb | Moderate (+1 notch) | Schiavo, Massimo | ||||||||||||||
Landsvirkjun |
BBB | Positive | Iceland | Fair | Aggressive | Standard | Satisfactory | bb- | Very High (+4 notches) | Annas, Daniel | ||||||||||||||
Israel Electric Corp. Ltd. |
BBB | Stable | Israel | Satisfactory | Aggressive | Medial | Negative CRA (-1 notch) | Fair | bb- | Very High (+4 notches) | Benjamin, Matan | |||||||||||||
Atomic Energy Power Corp. JSC |
BBB- | Stable | Russia | Fair | Minimal | Standard | Financial Policy (-1 notch) | Fair | bbb- | Very High (no impact) | Gorin, Sergei | |||||||||||||
Mosenergo PJSC |
BBB- | Stable | Russia | Fair | Minimal | Standard | Fair | bbb- | Gorin, Sergei | |||||||||||||||
TGC-1 PJSC |
BBB- | Stable | Russia | Fair | Modest | Standard | Fair | bbb- | Anankina, CFA, Elena | |||||||||||||||
RusHydro PJSC |
BBB- | Stable | Russia | Fair | Intermediate | Standard | Fair | bb+ | High (+1 notch) | Gorin, Sergei | ||||||||||||||
Drax Power Ltd. |
BB+ | Stable | United Kingdom | Fair | Intermediate | Standard | Satisfactory | bb+ | Bernu, Julien | |||||||||||||||
PZEM N.V. |
BB | Stable | Netherlands | Vulnerable | Minimal | Standard | Positive CRA (+1 notch) | Fair | bb | Leal, Gerardo | ||||||||||||||
Holding Slovenske elektrarne d.o.o |
BB | Stable | Slovenia | Weak | Highly Leveraged | Standard | Positive CRA (+1 notch) | Fair | b+ | Moderately High (+2 notches) | Annas, Daniel | |||||||||||||
Teollisuuden Voima Oyj |
BB | Negative | Finland | Strong | Highly Leveraged | Standard | Fair | bb | Annas, Daniel | |||||||||||||||
Georgian Oil and Gas Corp. JSC |
BB- | WatchNeg | Georgia | Weak | Aggressive | Standard | Fair | b+ | Very High (no impact) | Gorin, Sergei | ||||||||||||||
InterGen N.V. |
B+ | Stable | United Kingdom | Weak | Aggressive | Standard | Fair | b+ | Bernu, Julien | |||||||||||||||
DTEK Renewables B.V. |
B- | WatchNeg | Netherlands | Weak | Highly Leveraged | Standard | Negative CRA (-1 notch) | Fair | b- | Gottliebova, Renata | ||||||||||||||
SACP--Stand-alone credit profile. |
Table 5
Water Utilities: Strongest To Weakest | ||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Issuer | Long-term issuer credit rating | Outlook | Country | Business risk profile | Financial risk profile | Volatility table | Modifiers | Management & governance | SACP | Likelihood of government support | Primary analyst | |||||||||||||||||
Wasser und Gas Westfalen GmbH |
A- | Stable | Germany | Strong | Intermediate | Medial | Satisfactory | a- | Leal, Gerardo | |||||||||||||||||||
Dwr Cymru (Financing) Ltd. Class A |
A- | Stable | United Kingdom | Excellent | Aggressive | Low | Positive CRA (+1 notch) | Satisfactory | bbb+ | SED +1 | Bernu, Julien | |||||||||||||||||
Yorkshire Water Finance PLC Class A |
A- | Negative | United Kingdom | Excellent | Aggressive | Low | Positive CRA (+1 notch) | Satisfactory | bbb+ | SED +1 | Bernu, Julien | |||||||||||||||||
Anglian Water Services Financing PLC Class A |
A- | WatchNeg | United Kingdom | Excellent | Aggressive | Low | Positive CRA (+1 notch) | Satisfactory | bbb+ | SED +1 | Bernu, Julien | |||||||||||||||||
Affinity Water Finance PLC Class A |
BBB+ | Stable | United Kingdom | Excellent | Aggressive | Low | Satisfactory | bbb | SED +1 | Rydevik, Gustav B | ||||||||||||||||||
Hafren Dyfrdwy Ltd |
BBB+ | Stable | United Kingdom | Excellent | Aggressive | Low | Satisfactory | bbb | Rydevik, Gustav B | |||||||||||||||||||
South Staffordshire Water PLC |
BBB+ | Negative | United Kingdom | Excellent | Aggressive | Medial | Positive CRA (+1 notch) | Satisfactory | bbb+ | Bernu, Julien | ||||||||||||||||||
Southern Water Services (Finance) Ltd. Class A |
BBB+ | Negative | United Kingdom | Excellent | Aggressive | Low | Fair | bbb | SED +1 | Rydevik, Gustav B | ||||||||||||||||||
Thames Water Utilities Finance PLC Class A |
BBB+ | Negative | United Kingdom | Excellent | Highly Leveraged | Low | Positive CRA (+1 notch) | Fair | bbb | SED +1 | Benjamin, Matan | |||||||||||||||||
Northumbrian Water Ltd. |
BBB+ | WatchNeg | United Kingdom | Excellent | Significant | Low | Negative CRA (-1 notch) | Satisfactory | bbb+ | Bernu, Julien | ||||||||||||||||||
Severn Trent PLC |
BBB | Stable | United Kingdom | Excellent | Significant | Low | Negative CRA (-1 notch) | Satisfactory | bbb+ | Rydevik, Gustav B | ||||||||||||||||||
United Utilities PLC |
BBB | Stable | United Kingdom | Excellent | Significant | Low | Negative CRA (-1 notch) | Satisfactory | bbb+ | Benjamin, Matan | ||||||||||||||||||
Dwr Cymru (Financing) Ltd. Class B |
BBB | Stable | United Kingdom | Excellent | Aggressive | Low | Positive CRA (+1 notch) | Satisfactory | bbb+ | SED -1 | Bernu, Julien | |||||||||||||||||
Sutton and East Surrey Water PLC |
BBB | Stable | United Kingdom | Excellent | Aggressive | Low | Satisfactory | bbb | Tiutiunnikov, Ivan | |||||||||||||||||||
South East Water (Finance) Ltd. Class A |
BBB | Stable | United Kingdom | Excellent | Highly Leveraged | Low | Fair | bbb- | SED +1 | Tiutiunnikov, Ivan | ||||||||||||||||||
MM SpA |
BBB | Negative | Italy | Strong | Intermediate | Low | Fair | bbb+ | Extremely High (no impact) Capped at sovereign (-1 notch) | Pasquier, Pauline | ||||||||||||||||||
Portsmouth Water Ltd. |
BBB | Negative | United Kingdom | Excellent | Aggressive | Low | Satisfactory | bbb | Rydevik, Gustav B | |||||||||||||||||||
Yorkshire Water Finance PLC Class B |
BBB | Negative | United Kingdom | Excellent | Aggressive | Low | Satisfactory | bbb | Bernu, Julien | |||||||||||||||||||
Anglian Water Services Financing PLC Class B |
BBB | WatchNeg | United Kingdom | Excellent | Aggressive | Low | Satisfactory | bbb | Bernu, Julien | |||||||||||||||||||
Societa Metropolitana Acque Torino SpA |
BBB- | Positive | Italy | Strong | Modest | Low | Negative CRA (-1 notch) | Fair (-1 notch) | bbb+ | Low (no impact) | Pasquier, Pauline | |||||||||||||||||
Affinity Water Finance PLC Class B |
BBB- | Stable | United Kingdom | Excellent | Aggressive | Low | Negative CRA (-1 notch) | Satisfactory | bbb- | Rydevik, Gustav B | ||||||||||||||||||
Mosvodokanal JSC |
BBB- | Stable | Russia | Fair | Modest | Standard | Fair | bbb- | Very High (no impact) | Gorin, Sergei | ||||||||||||||||||
Southern Water Services (Finance) Ltd. Class B |
BBB- | Negative | United Kingdom | Excellent | Aggressive | Low | Fair | bbb | SED -1 | Rydevik, Gustav B | ||||||||||||||||||
Thames Water Utilities Finance PLC Class B |
BBB- | Negative | United Kingdom | Excellent | Highly Leveraged | Low | Fair | bbb- | Benjamin, Matan | |||||||||||||||||||
Vodokanal St. Petersburg |
BB+ | Stable | Russia | Weak | Modest | Standard | Financial Policy (-1 notch) | Fair | bb | Very High (+1 notch) | Gorin, Sergei | |||||||||||||||||
Rand Water |
BB- | Stable | South Africa | Fair | Intermediate | Standard | Negative CRA (-1 notch) | Satisfactory | bb | Almost Certain (-1 notch) | Chawana, Munya | |||||||||||||||||
Georgia Global Utilities JSC |
B | Positive | Georgia | Weak | Aggressive | Standard | Negative CRA (-1 notch) | Fair | b | Gottliebova, Renata | ||||||||||||||||||
SACP--Stand-alone credit profile. |
Related Research
- Industry Top Trends Update: EMEA Utilities, July 16, 2020
- E.ON SE, July 15, 2020
- Research Update: Spanish Energy Group Iberdrola 'BBB+/A-2' Ratings Affirmed On Limited Impact From COVID-19; Outlook Stable, July 14, 2020
- WEBCAST/SLIDES: Power Markets Outlook And Credit Implications In The Age Of COVID-19, July 10, 2020
- Ofgem's Draft Determination Confirms A Challenging New Period For U.K. Gas And Electricity Networks, July 9, 2020
- Enel SpA, July 3, 2020
- ENGIE SA, June 26, 2020
- Credit FAQ: Energy Transition: The Outlook For Power Markets In The Age Of COVID-19, June 25, 2020
- Despite COVID-19 Disruption, European Utilities Are Set For Growth, June 25, 2020
- COVID-19: What Would A New Tariff Deficit Mean For Spain's Electricity System Operators?, June 25, 2020
- Research Update: French Utility EDF Downgraded To 'BBB+' On Prolonged Operational Weakness, Lower Output Due To COVID-19; Outlook Stable, June 22, 2020
- The Energy Transition And What It Means For European Power Prices And Producers: Midyear 2020 Update, June 8, 2020
- Research Update: German Utility EnBW 'A-' Ratings Affirmed On Solid Financial Performance And Resilience Amid COVID-19; Outlook Stable, May 21, 2020
- Credit FAQ: Spanish Gas Network Operators: Resiliency Amid The Pandemic, Disruption Risks On The Horizon, May 14, 2020
- Orsted A/S, May 6, 2020
This report does not constitute a rating action.
Primary Credit Analyst: | Pierre Georges, Paris (33) 1-4420-6735; pierre.georges@spglobal.com |
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