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
Chart 2
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
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- Europe's Utilities Face A Power Price Cliff From 2026, June 22, 2023
- EU's Proposed Energy Market Redesign Mitigates Merchant Risks And Accelerates Renewables, April 3, 2023
- Latest Infrastructure And Energy Insights Focus On Inflation, Affordability, And Tight LNG Markets, Jan. 25, 2023
- High Level Of Index-Linked Debt Exacerbates Effect Of Inflation On U.K. Water Companies, Dec. 1, 2022
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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