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Issuer Ranking: EMEA Utilities Issuers Ranked Strongest To Weakest

The following tables rank the EMEA utility companies that S&P Global Ratings rates from strongest to weakest, within two separate lists:

  • Regulated networks; and
  • Other utilities (integrated and unregulated operations).

For each list, we rank companies, in turn, by the rating (issuer credit rating or most senior structurally enhanced debt rating), outlook, stand-alone credit profile (SACP), business risk profile, and financial risk profile. Companies are then listed in alphabetical order, if not distinguished by these factors.

Chart 1

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Chart 2

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Table 1

Regulated EMEA utilities
Issuer Rating Outlook Country risk Business risk profile Financial risk profile Volatility table Modifiers Management and governance SACP

Fingrid Oyj*

AA- Stable Very low Excellent Intermediate Low N/A Satisfactory a+

N.V. Nederlandse Gasunie*

AA- Stable Very low Excellent Intermediate Low N/A Satisfactory a

Enexis Holding N.V.*

A+ Positive Very low Excellent Intermediate Low Comparable rating analysis (-1) Satisfactory a

Alliander N.V.*

A+ Stable Very low Excellent Intermediate Low Comparable rating analysis (-1) Satisfactory a

Gas Networks Ireland*

A+ Stable Low Excellent Intermediate Low Comparable rating analysis (-1) Satisfactory a-

Tekniska verken i Linkoping AB*

A+ Stable Very low Satisfactory Modest Medial N/A Satisfactory bbb+

Statnett SF*

A+ Stable Very low Excellent Aggressive Low N/A Satisfactory bbb

RTE Reseau de Transport d Electricite*

A Stable Low Excellent Significant Low Comparable rating analysis (-1) Satisfactory bbb+

Northern Powergrid Holdings Co.

A Negative Low Excellent Intermediate Low Comparable Rating Analysis (-1) Satisfactory a

Red Electrica Corporacion S.A.*

A- Stable Intermediate Excellent Significant Medial N/A Satisfactory a-

UK Power Networks Holdings Ltd.

A- Stable Low Excellent Intermediate Low Financial Policy (-1) Satisfactory a-

Gelsenwasser AG

A- Stable Very low Strong Intermediate Medial N/A Satisfactory a-

Zapadoslovenska energetika a.s.*

A- Stable Intermediate Strong Intermediate Medial N/A Satisfactory a-

Coentreprise de Transport d'Electricite*

A- Stable Low Excellent Significant Low Comparable rating analysis (-1) Satisfactory bbb+

Electricity Supply Board*

A- Stable Low Strong Significant Medial Comparable rating analysis (+1) Satisfactory bbb+

TenneT Holding B.V.*

A- Stable Very low Excellent Aggressive Low N/A Fair bbb

Augstsprieguma Tikls*

A- Stable Intermediate Strong Intermediate Medial Comparable rating analysis (-1) Fair bbb

Kraftringen Energi AB (publ)*

A- Stable Very low Satisfactory Modest Medial Comparable rating analysis (-1) Fair bbb

Anglian Water Services Financing PLC§

A- Negative Low Excellent Aggressive Low Comparable rating analysis (+1) Satisfactory bbb+

Dwr Cymru (Financing) Ltd.§

A- Negative Low Excellent Aggressive Low Comparable Rating Analysis (+1) Satisfactory bbb+

Yorkshire Water Finance PLC§

A- Negative Low Excellent Aggressive Low Comparable rating analysis (+1) Fair bbb+

Wales & West Utilities Finance PLC§

A- Negative Low Excellent Aggressive Low Comparable rating analysis (+1) Satisfactory bbb+

Societa Metropolitana Acque Torino SpA*

BBB+ Stable Intermediate Strong Modest Low Comparable rating analysis (-1) Satisfactory a

Northern Ireland Electricity Networks Ltd.

BBB+ Stable Low Excellent Significant Low N/A Satisfactory a-

SNAM SpA*

BBB+ Stable Intermediate Excellent Significant Low N/A Satisfactory a-

Terna SpA*

BBB+ Stable Intermediate Excellent Significant Low N/A Satisfactory a-

Czech Gas Networks Investments S.a r.l.

BBB+ Stable Intermediate Excellent Significant Low Comparable rating analysis (-1) Satisfactory bbb+

Elia Transmission Belgium SA/NV

BBB+ Stable Low Excellent Significant Low Comparable rating analysis (-1) Satisfactory bbb+

National Grid PLC

BBB+ Stable Low Excellent Aggressive Medial Comparable rating analysis (+1) Satisfactory bbb+

Northern Gas Networks Ltd.

BBB+ Stable Low Excellent Significant Low Financial policy (-1) Satisfactory bbb+

Severn Trent Water Ltd.

BBB+ Stable Low Excellent Significant Low Comparable Rating Analysis (-1) Satisfactory bbb+

United Utilities Water Ltd.

BBB+ Stable Low Excellent Aggressive Low Financial Policy (+1) Satisfactory bbb+

Vier Gas Transport GmbH

BBB+ Stable Very low Excellent Aggressive Low Comparable rating analysis (+1) Satisfactory bbb+

AB Ignitis Group*

BBB+ Stable Intermediate Satisfactory Intermediate Medial N/A Satisfactory bbb

JSC Conexus Baltic Grid*

BBB+ Stable Intermediate Strong Aggressive Medial Comparable rating analysis (+1) Fair bbb-

Israel Electric Corp. Ltd.*

BBB+ Stable Intermediate Satisfactory Aggressive Medial N/A Fair bb

South Staffordshire Water PLC

BBB+ Negative Low Excellent Significant Low N/A Satisfactory a-

Cadent Gas Ltd.

BBB+ Negative Low Excellent Significant Low Comparable rating analysis (-1) Satisfactory bbb+

Electricity North West Ltd.

BBB+ Negative Low Excellent Significant Low Comparable rating analysis (-1) Satisfactory bbb+

Elia Group SA/NV

BBB+ Negative Low Excellent Significant Low Comparable rating analysis (-1) Satisfactory bbb+

Eurogrid GmbH

BBB+ Negative Very low Excellent Significant Low Comparable rating analysis (-1) Satisfactory bbb+

Affinity Water Finance PLC§

BBB+ Negative Low Excellent Aggressive Low N/A Satisfactory bbb

Southern Water Services (Finance) Ltd.§

BBB+ Negative Low Excellent Aggressive Low Comparable rating analysis (+1) Fair bbb

Stockholm Exergi Holding AB (publ)*

BBB+ Negative Very low Strong Significant Medial N/A Satisfactory bbb

2i Rete Gas

BBB Stable Moderately high Excellent Aggressive Low N/A Satisfactory bbb

Caruna Networks Oy

BBB Stable Very low Excellent Aggressive Medial N/A Satisfactory bbb

Northumbrian Water Ltd.

BBB Stable Low Excellent Aggressive Low N/A Fair bbb

REN-Redes Energeticas Nacionais SGPS S.A.

BBB Stable Intermediate Excellent Aggressive Medial N/A Satisfactory bbb

Scotland Gas Networks PLC

BBB Stable Low Excellent Aggressive Low N/A Satisfactory bbb

Thames Water Utilities Finance PLC§

BBB Watch Negative Low Excellent Highly leveraged Low Comparable rating analysis (+1) Fair

bbb

Enagas S.A.*

BBB Stable Intermediate Strong Significant Medial N/A Fair bbb

Elenia Verkko Oyj§

BBB Stable Very low Excellent Aggressive Medial Comparable rating analysis (-1) Satisfactory bbb-

Ellevio AB§

BBB Stable Very low Excellent Aggressive Low Comparable rating analysis (-1) Satisfactory bbb-

Sutton and East Surrey Water PLC

BBB Negative Low Excellent Aggressive Low N/A Satisfactory bbb

South East Water (Finance) Ltd.§

BBB Negative Low Excellent Highly leveraged Low N/A Fair bbb-

Nortegas Energía Distribución S.A.U.

BBB- Stable Intermediate Excellent Aggressive Medial N/A Fair bbb

Floene Energias S.A.

BBB- Stable Intermediate Excellent Aggressive Medial Comparable rating analysis (-1) Fair bbb-

Redexis S.A.

BBB- Stable Intermediate Excellent Aggressive Medial Comparable rating analysis (-1) Satisfactory bbb-

FCC Aqualia S.A.

BBB- Stable Intermediate Strong Significant Medial Comparable rating analysis (-1) Fair bbb-

Holding d’Infrastructures des Métiers de l’Environnement (HIME)

BBB- Stable Low Strong Significant Medial Comparable rating analysis (-1) Fair bbb-

Madrileña Red de Gas S.A.U.

BBB- Stable Intermediate Strong Aggressive Medial Comparable rating analysis (+1) Fair bbb-

EP Infrastructure

BBB- Stable Intermediate Satisfactory Significant Medial N/A Satisfactory bbb-

KazTransOil*

BB+ Stable High Fair Minimal Standard Financial policy (-1) Fair bb+

QazaqGaz NC JSC*

BB+ Stable High Fair Intermediate Standard N/A Fair bb+

Kazakhstan Electricity Grid Operating Co. (JSC)*

BB+ Stable High Weak Significant Standard N/A Fair bb-

Azerenerji JSC*

BB Stable High Weak Highly leveraged Standard Capital structure (-1) Fair b-

Georgia Global Utilities JSC

BB- Stable Moderately high Fair Aggressive Medial Capital structure (-1) Fair b+

Enemalta PLC*

BB- Stable Intermediate Weak Highly leveraged Standard N/A Fair b-

Batys Transit JSC*

B Stable High Weak Aggressive Standard Financial policy (-1) Fair b

ESKOM Holdings SOC Ltd.*

CCC+ Watch Positive Moderately high Weak Highly leveraged Standard Management and Governance (-1) Weak ccc-
*Government-related entity. §Structurally enhanced debt. N/A--Not applicable. Source: S&P Global Ratings.

Table 2

Unregulated EMEA utilities
Issuer Rating Outlook Country risk Business risk profile Financial risk profile Volatility table Modifiers Management and governance SACP

TIWAG-Tiroler Wasserkraft AG*

A+ Stable Low Strong Intermediate Medial Capital Structure (+1) Satisfactory a-

KELAG

A Positive Low Strong Modest Standard N/A Satisfactory a

Verbund AG*

A Positive Low Strong Modest Standard Comparable rating analysis (-1) Satisfactory a-

Energie AG Oberoesterreich*

A Stable Low Strong Modest Medial Comparable rating analysis (-1) Satisfactory a-

Energie Steiermark AG*

A Stable Low Strong Intermediate Medial N/A Satisfactory a-

Statkraft AS*

A Stable Very low Strong Intermediate Standard N/A Satisfactory bbb+

Stedin Holding N.V.*

A- Stable Very low Excellent Significant Low Comparable rating analysis (-1) Satisfactory bbb+

EnBW Energie Baden-Wuerttemberg AG*

A- Stable Very low Strong Significant Medial Comparable rating analysis (+1) Satisfactory bbb+

Eneco N.V.

A- Stable Very low Satisfactory Modest Standard N/A Satisfactory bbb+

CEZ a.s.*

A- Stable Intermediate Strong Significant Standard N/A Satisfactory bbb

SSE PLC

BBB+ Positive Low Strong Significant Medial Comparable rating analysis (+1) Satisfactory bbb+

Vattenfall AB*

BBB+ Positive Very low Strong Intermediate Standard Financial policy (-1) Satisfactory bbb

Hera SpA

BBB+ Stable Moderately high Strong Intermediate Medial N/A Satisfactory bbb+

Engie S.A.*

BBB+ Stable Low Strong Significant Medial Comparable rating analysis (+1) Satisfactory bbb+

Iberdrola S.A.

BBB+ Stable Intermediate Strong Significant Medial Comparable rating analysis (+1) Strong bbb+

Scottish Power Ltd.

BBB+ Stable Low Strong Significant Medial Comparable rating analysis (+1) Satisfactory bbb+

Orsted A/S*

BBB+ Stable Low Satisfactory Intermediate Standard N/A Strong bbb

Landsvirkjun*

BBB+ Stable Low Fair Significant Standard N/A Satisfactory bb

Endesa S.A.

BBB+ Negative Intermediate Strong Intermediate Medial N/A Satisfactory a-

Enel SpA*

BBB+ Negative Intermediate Strong Significant Medial Comparable rating analysis (+1) Strong bbb+

Edison SpA

BBB Stable Intermediate Satisfactory Modest Standard N/A Satisfactory bbb+

E.ON SE

BBB Stable Low Strong Significant Medial N/A Satisfactory bbb

EDP - Energias de Portugal S.A.

BBB Stable Intermediate Strong Significant Standard N/A Satisfactory bbb

Naturgy Energy Group S.A.

BBB Stable Intermediate Strong Significant Medial N/A Fair bbb

Veolia Environnement S.A.

BBB Stable Low Strong Significant Medial N/A Satisfactory bbb

Centrica PLC

BBB Stable Low Satisfactory Modest Standard Comparable rating analysis (-1) Satisfactory bbb

EEW - Energy from Waste

BBB Stable Very low Satisfactory Intermediate Standard N/A Fair bbb

Fortum Oyj*

BBB Stable Very low Satisfactory Intermediate Standard N/A Fair bbb-

Electricite de France S.A.*

BBB Stable Low Satisfactory Aggressive Medial Comparable rating analysis (-1) Fair bb-

A2A SpA*

BBB Negative Moderately high Satisfactory Significant Medial Comparable rating analysis (+1) Satisfactory bbb

Hrvatska Elektroprivreda d.d.*

BBB Negative Moderately high Fair Intermediate Standard N/A Fair bb+

Teollisuuden Voima Oyj

BBB- Stable Very low Strong Aggressive Standard Comparable rating analysis (+1) Fair bbb-

MVM Energy Private LLC*

BBB- Stable Intermediate Satisfactory Intermediate Standard N/A Fair bbb-

Eesti Energia AS*

BBB- Stable Intermediate Fair Significant Standard N/A Satisfactory bb

Uniper SE*

BBB- Stable Low Weak Aggressive Standard Comparable rating analysis (-1) Fair b

Drax Group Holdings Ltd.

BB+ Stable Low Fair Intermediate Standard N/A Satisfactory bb+

Natsionalna Elektricheska Kompania EAD

BB- Positive Moderately high Weak Aggressive Standard N/A Fair b+

Public Power Corp. S.A.*

BB- Stable Moderately high Fair Aggressive Standard Comparable rating analysis (-1) Fair b+

ENERGO-PRO a.s.

B+ Positive Moderately high Weak Aggressive Standard N/A Fair b+

Zagrebacki Holding d.o.o.*

B+ Positive Moderately high Weak Highly leveraged Standard N/A Fair ccc+

Cullinan Holdco SCSp

B+ Stable Intermediate Fair Aggressive Standard Comparable rating analysis (-1) Fair b+

CI-Energies*

B+ Negative High Weak Highly leveraged Standard N/A Fair b-

Aydem Renewables

B Negative High Weak Aggressive Standard Comparable rating analysis (-1) Fair b

Zorlu Yenilenebilir Enerji A.S.

B- Stable High Weak Highly leveraged Standard Comparable rating analysis (-1) Fair b-

DTEK Renewables B.V.

CCC- Negative Very high Vulnerable Highly leveraged Standard Management and Governance (-1) Weak ccc-
*Government-related entity. N/A--Not applicable. Source: S&P Global Ratings.

Related Research

This report does not constitute a rating action.

Primary Credit Analysts:Emmanuel Dubois-Pelerin, Paris + 33 14 420 6673;
emmanuel.dubois-pelerin@spglobal.com
Massimo Schiavo, Paris + 33 14 420 6718;
Massimo.Schiavo@spglobal.com
Secondary Contacts:Beatrice de Taisne, CFA, London + 44 20 7176 3938;
beatrice.de.taisne@spglobal.com
Emeline Vinot, Paris + 33 014 075 2569;
emeline.vinot@spglobal.com
Research Assistant:Maher Zlitni, Paris

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