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Issuer Ranking: EMEA Utilities Issuers Ranked Strongest To Weakest

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.

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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

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

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