The following tables rank the EMEA utilities companies that S&P Global Ratings rates from strongest to weakest. We differentiate between:
- Regulated networks; and
- Other utilities (integrated and unregulated operations).
We rank companies by the rating (issuer credit rating or most senior structurally enhanced debt rating), outlook, stand-alone credit profile, 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--strongest to weakest | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Issuer | Issuer credit rating | Outlook or CreditWatch | SACP | Business risk profile | Financial risk profile | Country risk | Volatility table | Modifiers | Analyst | |||||||||||
Enexis Holding N.V.* |
AA- | Stable | a+ | Excellent | Intermediate | Very low | Low | Pasquier, Pauline | ||||||||||||
N.V. Nederlandse Gasunie* |
AA- | Stable | a | Excellent | Intermediate | Very low | Low | Leal, Gerardo | ||||||||||||
Alliander N.V.* |
A+ | Stable | a | Excellent | Intermediate | Very low | Low | Comparable rating analysis (-1) | Loreti, CFA, Federico | |||||||||||
Fingrid Oyj* |
A+ | Stable | a | Excellent | Intermediate | Very low | Low | Vinot, Emeline | ||||||||||||
Gas Networks Ireland* |
A+ | Stable | a- | Excellent | Intermediate | Low | Low | Comparable rating analysis (-1) | Vinot, Emeline | |||||||||||
Statnett SF* |
A+ | Stable | bbb | Excellent | Aggressive | Very low | Low | Vinot, Emeline | ||||||||||||
Zapadoslovenska energetika a.s.* |
A | Stable | a | Strong | Intermediate | Intermediate | Medial | Comparable rating analysis (+1) | Gottliebova, Renata | |||||||||||
RTE Reseau de Transport d Electricite* |
A | Stable | bbb+ | Excellent | Significant | Low | Low | Comparable rating analysis (-1) | Loreti, CFA, Federico | |||||||||||
Northern Powergrid Holdings Co. |
A- | Stable | a | Excellent | Intermediate | Very low | Low | Comparable rating analysis (-1) | Rydevik, Gustav B | |||||||||||
UK Power Networks Holdings Ltd. |
A- | Stable | a- | Excellent | Intermediate | Low | Low | Financial policy (-1) | Rydevik, Gustav B | |||||||||||
Redeia Corporacion, S.A.* |
A- | Stable | a- | Excellent | Significant | Intermediate | Medial | Annas, Daniel | ||||||||||||
Coentreprise de Transport d'Electricite* |
A- | Stable | bbb+ | Excellent | Significant | Low | Low | Comparable rating analysis (-1) | Loreti, CFA, Federico | |||||||||||
Wales & West Utilities Finance PLC§ |
A- | Stable | bbb+ | Excellent | Aggressive | Low | Low | Comparable rating analysis (+1) | Rydevik, Gustav B | |||||||||||
Electricity Supply Board* |
A- | Stable | bbb+ | Strong | Significant | Low | Medial | Comparable rating analysis (+1) | Gottliebova, Renata | |||||||||||
TenneT Holding B.V.* |
A- | Stable | bbb | Excellent | Aggressive | Very low | Low | Leal, Gerardo | ||||||||||||
Augstsprieguma Tikls* |
A- | Stable | bbb | Strong | Intermediate | Intermediate | Medial | Comparable rating analysis (-1) | Vinot, Emeline | |||||||||||
Yorkshire Water Finance PLC§ |
A- | Negative | bbb+ | Excellent | Aggressive | Low | Low | Comparable rating analysis (+1) | Bernu, Julien | |||||||||||
Anglian Water Services Financing PLC§ |
A- | Negative | bbb | Excellent | Aggressive | Low | Low | Dascoli, Andres | ||||||||||||
Dwr Cymru (Financing) Ltd.§ |
A- | Negative | bbb | Excellent | Aggressive | Low | Low | Rydevik, Gustav B | ||||||||||||
Societa Metropolitana Acque Torino SpA* |
BBB+ | Stable | a | Strong | Modest | Intermediate | Low | Comparable rating analysis (-1) | Loreti, CFA, Federico | |||||||||||
Northern Ireland Electricity Networks Ltd. |
BBB+ | Stable | a- | Excellent | Significant | Low | Low | Dascoli, Andres | ||||||||||||
SNAM SpA* |
BBB+ | Stable | a- | Excellent | Significant | Intermediate | Low | Loreti, CFA, Federico | ||||||||||||
Terna SpA* |
BBB+ | Stable | a- | Excellent | Significant | Intermediate | Low | Loreti, CFA, Federico | ||||||||||||
Czech Gas Networks Investments S.a.r.l. |
BBB+ | Stable | bbb+ | Excellent | Significant | Intermediate | Low | Comparable rating analysis (-1) | Vinot, Emeline | |||||||||||
Elia Transmission Belgium SA/NV |
BBB+ | Stable | bbb+ | Excellent | Significant | Low | Low | Comparable rating analysis (-1) | Vinot, Emeline | |||||||||||
Northern Gas Networks Ltd. |
BBB+ | Stable | bbb+ | Excellent | Significant | Low | Low | Financial policy (-1) | Dascoli, Andres | |||||||||||
Severn Trent Water Ltd. |
BBB+ | Stable | bbb+ | Excellent | Significant | Low | Low | Comparable rating analysis (-1) | Bernu, Julien | |||||||||||
Vier Gas Transport GmbH |
BBB+ | Stable | bbb+ | Excellent | Significant | Very low | Low | Comparable rating analysis (-1) | Karlsson, Per | |||||||||||
National Grid PLC |
BBB+ | Stable | bbb+ | Excellent | Aggressive | Low | Medial | Comparable rating analysis (+1) | Rydevik, Gustav B | |||||||||||
United Utilities Water Ltd. |
BBB+ | Stable | bbb+ | Excellent | Aggressive | Low | Low | Financial policy (+1) | Rydevik, Gustav B | |||||||||||
Enagas S.A.* |
BBB+ | Stable | bbb+ | Strong | Significant | Intermediate | Medial | Comparable rating analysis (+1) | Loreti, CFA, Federico | |||||||||||
South Staffordshire Water PLC |
BBB+ | Negative | a- | Excellent | Significant | Low | Low | Rydevik, Gustav B | ||||||||||||
Electricity North West Ltd. |
BBB+ | Negative | bbb+ | Excellent | Significant | Low | Low | Comparable rating analysis (-1) | Dascoli, Andres | |||||||||||
Affinity Water Finance PLC§ |
BBB+ | Negative | bbb | Excellent | Aggressive | Low | Low | Bernu, Julien | ||||||||||||
Stockholm Exergi Holding AB (publ)* |
BBB+ | Negative | bbb | Strong | Significant | Very low | Medial | Kanj, Karim | ||||||||||||
Israel Electric Corp. Ltd.* |
BBB+ | WatchNeg | bb | Satisfactory | Aggressive | Intermediate | Medial | Gottliebova, Renata | ||||||||||||
2i Rete Gas |
BBB | WatchPos | bbb | Excellent | Aggressive | Intermediate | Medial | Loreti, CFA, Federico | ||||||||||||
Cadent Gas Ltd. |
BBB | Stable | bbb | Excellent | Aggressive | Low | Low | Dascoli, Andres | ||||||||||||
Caruna Networks Oy |
BBB | Stable | bbb | Excellent | Aggressive | Very low | Medial | Vinot, Emeline | ||||||||||||
Elia Group SA/NV |
BBB | Stable | bbb | Excellent | Aggressive | Low | Low | Vinot, Emeline | ||||||||||||
Eurogrid GmbH |
BBB | Stable | bbb | Excellent | Aggressive | Very low | Low | Vinot, Emeline | ||||||||||||
Northumbrian Water Ltd. |
BBB | Stable | bbb | Excellent | Aggressive | Low | Low | Sakhuja, Aarti | ||||||||||||
REN-Redes Energeticas Nacionais SGPS S.A. |
BBB | Stable | bbb | Excellent | Aggressive | Intermediate | Medial | Vinot, Emeline | ||||||||||||
Scotland Gas Networks PLC |
BBB | Stable | bbb | Excellent | Aggressive | Low | Low | Bernu, Julien | ||||||||||||
Sutton and East Surrey Water PLC |
BBB | Stable | bbb | Excellent | Aggressive | Low | Low | Dascoli, Andres | ||||||||||||
Ellevio AB§ |
BBB | Stable | bbb- | Excellent | Aggressive | Very low | Low | Comparable rating analysis (-1) | Vinot, Emeline | |||||||||||
Elenia Verkko Oyj§ |
BBB | Stable | bbb- | Excellent | Highly leveraged | Very low | Medial | Vinot, Emeline | ||||||||||||
South East Water (Finance) Ltd.§ |
BBB | Negative | bbb- | Excellent | Highly leveraged | Low | Low | Dascoli, Andres | ||||||||||||
Floene Energias S.A. |
BBB- | Stable | bbb- | Excellent | Aggressive | Intermediate | Medial | Comparable rating analysis (-1) | Gottliebova, Renata | |||||||||||
FCC Aqualia S.A. |
BBB- | Stable | bbb- | Strong | Significant | Intermediate | Medial | Comparable rating analysis (-1) | Loreti, CFA, Federico | |||||||||||
Madrilena Red de Gas II, S.A.U. |
BBB- | Stable | bbb- | Strong | Aggressive | Intermediate | Medial | Comparable rating analysis (+1) | Loreti, CFA, Federico | |||||||||||
Nortegas Energía Distribución S.A.U. |
BBB- | Stable | bbb- | Strong | Aggressive | Intermediate | Medial | Comparable rating analysis (+1) | Loreti, CFA, Federico | |||||||||||
Redexis S.A.U. |
BBB- | Stable | bbb- | Strong | Aggressive | Intermediate | Medial | Comparable rating analysis (+1) | Manzoli, Eugenio | |||||||||||
EP Infrastructure |
BBB- | Stable | bbb- | Satisfactory | Significant | Intermediate | Medial | Pasquier, Pauline | ||||||||||||
Southern Water Services (Finance) Ltd.§ |
BBB- | WatchNeg | bbb- | Excellent | Highly leveraged | Low | Low | Bernu, Julien | ||||||||||||
KazTransOil* |
BB+ | Stable | bb+ | Fair | Minimal | High | Standard | Financial policy (-1) | Strebezh, Andrey | |||||||||||
Holding d'Infrastructures des Métiers de l'Environnement (HIME) | BB+ | Stable | bb+ | Satisfactory | Aggressive | Low | Medial | Comparable rating analysis (+1) | Pasquier, Pauline | |||||||||||
Kazakhstan Electricity Grid Operating Co. (JSC)* |
BB+ | Stable | bb | Weak | Intermediate | High | Standard | Ashchepkova, Svetlana | ||||||||||||
QazaqGaz NC JSC* |
BB+ | Stable | bb | Weak | Intermediate | High | Standard | Vinot, Emeline | ||||||||||||
Azerenerji JSC* |
BB | Stable | b | Weak | Significant | High | Standard | Comparable rating analysis (-1) Management and governance (-1) | Gottliebova, Renata | |||||||||||
Georgia Global Utilities JSC |
BB- | Positive | b+ | Fair | Aggressive | Moderately high | Medial | Capital structure (-1) | Bernu, Julien | |||||||||||
Enemalta PLC* |
BB- | Stable | b- | Weak | Highly leveraged | Intermediate | Standard | Gottliebova, Renata | ||||||||||||
Batys Transit JSC* |
B | Stable | b | Weak | Highly leveraged | High | Standard | Ashchepkova, Svetlana | ||||||||||||
ESKOM Holdings SOC Ltd.* |
B | Stable | ccc | Weak | Highly leveraged | Moderately high | Standard | Vela Monserrate, CFA, Manuel | ||||||||||||
Thames Water Utilities Finance PLC§ |
CC | Negative | cc | Strong | Highly leveraged | Very low | Low | Rydevik, Gustav B | ||||||||||||
*Government-related entity. §Structurally enhanced debt, class A. SACP--Stand-alone credit profile. Source: S&P Global Ratings. |
Table 2
Other EMEA utilities--strongest to weakest | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Issuer | Issuer credit rating | Outlook or CreditWatch | SACP | Business risk profile | Financial risk profile | Country risk | Volatility table | Modifiers | Analyst | |||||||||||
Verbund AG* |
A+ | Stable | a | Strong | Modest | Low | Standard | Leal, Gerardo | ||||||||||||
TIWAG-Tiroler Wasserkraft AG* |
A+ | Stable | a- | Strong | Intermediate | Low | Medial | Capital structure (+1) | Kanj, Karim | |||||||||||
Tekniska verken i Linkoping AB* |
A+ | Stable | a- | Satisfactory | Minimal | Very low | Medial | Comparable rating analysis (-1) | Karlsson, Per | |||||||||||
KELAG |
A | Stable | a | Strong | Modest | Low | Standard | Kanj, Karim | ||||||||||||
Energie AG Oberoesterreich* |
A | Stable | a- | Strong | Modest | Low | Medial | Comparable rating analysis (-1) | Leal, Gerardo | |||||||||||
Energie Steiermark AG* |
A | Stable | a- | Strong | Intermediate | Low | Medial | Kanj, Karim | ||||||||||||
Statkraft AS* |
A | Stable | bbb+ | Strong | Intermediate | Very low | Standard | Karlsson, Per | ||||||||||||
Stedin Holding N.V.* |
A- | Stable | bbb+ | Excellent | Significant | Very low | Low | Comparable rating analysis (-1) | Pasquier, Pauline | |||||||||||
EnBW Energie Baden-Wuerttemberg AG* |
A- | Stable | bbb+ | Strong | Significant | Very low | Medial | Comparable rating analysis (+1) | Leal, Gerardo | |||||||||||
Eneco N.V. |
A- | Stable | bbb+ | Satisfactory | Modest | Very low | Standard | Gottliebova, Renata | ||||||||||||
Kraftringen Energi AB (publ)* |
A- | Stable | bbb | Strong | Intermediate | Very low | Medial | Comparable rating analysis (-1) | Karlsson, Per | |||||||||||
CEZ a.s.* |
A- | Stable | bbb | Strong | Significant | Intermediate | Medial | Leal, Gerardo | ||||||||||||
Landsvirkjun* |
A- | Stable | bb+ | Fair | Intermediate | Low | Standard | Gottliebova, Renata | ||||||||||||
SSE PLC |
BBB+ | Stable | bbb+ | Strong | Significant | Low | Medial | Comparable rating analysis (+1) | Bernu, Julien | |||||||||||
E.ON SE |
BBB+ | Stable | bbb+ | Strong | Intermediate | Low | Low | Comparable rating analysis (-1) | Gottliebova, Renata | |||||||||||
Hera SpA |
BBB+ | Stable | bbb+ | Strong | Intermediate | Intermediate | Medial | Loreti, CFA, Federico | ||||||||||||
ENGIE S.A.* |
BBB+ | Stable | bbb+ | Strong | Significant | Low | Medial | Comparable rating analysis (+1) | Pasquier, Pauline | |||||||||||
Gelsenwasser AG |
BBB+ | Stable | bbb+ | Strong | Significant | Very low | Low | Comparable rating analysis (+1) | Kanj, Karim | |||||||||||
Iberdrola S.A. |
BBB+ | Stable | bbb+ | Strong | Significant | Intermediate | Medial | Comparable rating analysis (+1) | Leal, Gerardo | |||||||||||
Scottish Power Ltd. |
BBB+ | Stable | bbb+ | Strong | Significant | Low | Medial | Comparable rating analysis (+1) | Dascoli, Andres | |||||||||||
Vattenfall AB* |
BBB+ | Stable | bbb | Strong | Intermediate | Very low | Standard | Financial policy (-1) | Annas, Daniel | |||||||||||
AB Ignitis Group* |
BBB+ | Stable | bbb | Satisfactory | Intermediate | Intermediate | Medial | Gottliebova, Renata | ||||||||||||
Fortum Oyj* |
BBB+ | Stable | bbb | Satisfactory | Intermediate | Very low | Standard | Comparable rating analysis (+1) | Karlsson, Per | |||||||||||
Edison SpA |
BBB | Positive | bbb+ | Satisfactory | Modest | Intermediate | Standard | Annas, Daniel | ||||||||||||
Electricite de France S.A.* |
BBB | Positive | bb- | Satisfactory | Aggressive | Low | Standard | Comparable rating analysis (-1) | Dubois-Pelerin, Emmanuel | |||||||||||
Endesa S.A. |
BBB | Stable | a- | Strong | Intermediate | Intermediate | Standard | Comparable rating analysis (+1) | Leal, Gerardo | |||||||||||
EDP - Energias de Portugal S.A. | BBB | Stable | bbb | Strong | Significant | Intermediate | Standard | Vinot, Emeline | ||||||||||||
Enel SpA* |
BBB | Stable | bbb | Strong | Significant | Intermediate | Standard | Schiavo, Massimo | ||||||||||||
IREN SpA |
BBB | Stable | bbb | Strong | Significant | Intermediate | Medial | Manzoli, Eugenio | ||||||||||||
Naturgy Energy Group S.A. |
BBB | Stable | bbb | Strong | Significant | Intermediate | Medial | Loreti, CFA, Federico | ||||||||||||
Veolia Environnement S.A. |
BBB | Stable | bbb | Strong | Significant | Intermediate | Medial | Mauduit-Le Clercq, Claire | ||||||||||||
Centrica PLC |
BBB | Stable | bbb | Satisfactory | Modest | Low | Standard | Comparable rating analysis (-1) | Bernu, Julien | |||||||||||
A2A SpA* |
BBB | Stable | bbb | Satisfactory | Significant | Intermediate | Standard | Comparable rating analysis (+1) | Pasquier, Pauline | |||||||||||
Orsted A/S* |
BBB | Stable | bbb- | Satisfactory | Significant | Low | Standard | Karlsson, Per | ||||||||||||
Hrvatska Elektroprivreda d.d.* |
BBB | Negative | bb+ | Fair | Intermediate | Moderately high | Standard | Vinot, Emeline | ||||||||||||
Teollisuuden Voima Oyj |
BBB- | Stable | bbb- | Strong | Aggressive | Very low | Standard | Comparable rating analysis (+1) | Pasquier, Pauline | |||||||||||
Energeticky a prumyslovy holding, a.s |
BBB- | Stable | bbb- | Satisfactory | Intermediate | Intermediate | Standard | Pasquier, Pauline | ||||||||||||
MVM Energy Private LLC* |
BBB- | Stable | bbb- | Satisfactory | Intermediate | Moderately high | Standard | Gottliebova, Renata | ||||||||||||
EEW Energy from Waste GmbH |
BBB- | Stable | bbb- | Satisfactory | Significant | Very low | Standard | Kanj, Karim | ||||||||||||
Uniper SE* |
BBB- | Stable | bb | Fair | Significant | Low | Standard | Leal, Gerardo | ||||||||||||
Eesti Energia AS* |
BBB- | Negative | bb | Fair | Significant | Intermediate | Standard | Pasquier, Pauline | ||||||||||||
Drax Group Holdings Ltd. |
BB+ | Stable | bb+ | Fair | Intermediate | Low | Standard | Rydevik, Gustav B | ||||||||||||
Natsionalna Elektricheska Kompania EAD |
BB | Positive | b+ | Weak | Aggressive | Moderately high | Standard | Pasquier, Pauline | ||||||||||||
Zagrebacki holding d.o.o.* |
BB | Stable | b- | Weak | Highly leveraged | Moderately high | Standard | Kanj, Karim | ||||||||||||
ENERGO-PRO a.s. |
BB- | Stable | bb- | Fair | Aggressive | Moderately high | Standard | Vinot, Emeline | ||||||||||||
Public Power Corp. S.A.* |
BB- | Stable | b+ | Fair | Aggressive | Moderately high | Standard | Comparable rating analysis (-1) | Vinot, Emeline | |||||||||||
CI-Energies* |
B | Positive | ccc+ | Weak | Highly leveraged | High | Standard | Management and governance (-1) | Vinot, Emeline | |||||||||||
Aydem Renewables |
B | Stable | b | Weak | Aggressive | High | Standard | Comparable rating analysis (-1) | Bernu, Julien | |||||||||||
Cullinan Holdco SCSp |
B | CWN | b | Weak | Highly leveraged | Intermediate | Standard | Annas, Daniel | ||||||||||||
Zorlu Yenilenebilir Enerji A.S. |
B- | Stable | b- | Weak | Highly leveraged | High | Standard | Comparable rating analysis (-1) | Bernu, Julien | |||||||||||
DTEK Renewables B.V. |
SD | NM | sd | Vulnerable | Highly leveraged | Very high | Standard | Management and governance (-1) Capital structure (-1) | Bernu, Julien | |||||||||||
*Government-related entity. SACP--Stand-alone credit profile. SD--Selective default. Source: S&P Global Ratings. |
Related Research
- Is Europe Ready For A Nuclear Renaissance?, Dec. 9, 2024
- Utilities Handbook 2024 Western Europe Regulated Gas, Sept. 16, 2024
- The Energy Transition, Geopolitics, And Cannibalization Are Shaping Europe's Power Prices, Sept. 12, 2024
- Some European Power Markets Will Suffer As Renewables Put Pressure On Prices, Sept. 12, 2024
- Power Sector Update: European Offshore Wind Is Racing Ahead, Sept. 10, 2024
- Utilities Handbook 2024 | Western Europe Regulated Power, Sept. 10, 2024
- European Electricity Producers' Credit Quality And Revenue-Support Contracts: It's Complicated, July 10, 2024
- Europe's Power Producers Continue Their Balancing Act As Electricity Prices Stay Low, July 10, 2024
- European Utilities: The Rating Relevance Of Net-Zero Commitments, May 2, 2024
This report does not constitute a rating action.
Primary Credit Analyst: | Emmanuel Dubois-Pelerin, Paris + 33 14 420 6673; emmanuel.dubois-pelerin@spglobal.com |
Secondary Contact: | Massimo Schiavo, Paris + 33 14 420 6718; Massimo.Schiavo@spglobal.com |
Research Contributor: | Aditya Singh, GURGAON HARYANA; aditya.singh2@spglobal.com |
No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.
To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.
S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.