Bonds

In order to finance business developments, EnBW draws not only on internal financing means but also on international markets for debt capital. A variety of instruments give EnBW flexible access to the debt capital market.

Ratings

Current EnBW-Ratings:

Moody's
Standard & Poor's
Fitch
Long-term Rating
Baa1
A-
A-
Short-term Rating
Prime-2
A-2
F2
Outlook
stable
stable
stable
Analyst
Joanna Fic
Alf Stenqvist
Chris Moore and Artur Galbarczyk

EnBW-Rating history:

Moody's
Standard & Poor's
Fitch
2017
Baa1/stable
A-/stable
A-/stable
2016
A3/negative
A-/stable
A-/stable
2015
A3/negative
A-/stable
A-/stable
2014
A3/negative
A-/stable
A-/stable
2013
A3/negative
A-/stable
A-/stable
2012
A3/negative
A-/stable
A-/stable
2011
A3/negative
A-/stable
A-/stable
2010
A2/stable
A-/negative
A/stable

Rating Scales of Moody’s, S&P and Fitch

Moody's
Standard & Poor's
Fitch
Aaa
AAA
AAA
Investment grade
Aa1
AA+
AA+
Investment grade
Aa2
AA
AA
Investment grade
Aa3
AA-
AA-
Investment grade
A1
A+
A+
Investment grade
A2
A
A
Investment grade
A3
A-
A-
Investment grade
Baa1
BBB+
BBB+
Investment grade
Baa2
BBB
BBB
Investment grade
Baa3
BBB-
BBB-
Investment grade
Ba1
BB+
BB+
Non-Investment grade
Ba2
BB
BB
Non-Investment grade
Ba3
BB-
BB-
Non-Investment grade
B1
B+
B+
Non-Investment grade
B2
B
B
Non-Investment grade
B3
B-
B-
Non-Investment grade
Caa
CCC
CCC
Non-Investment grade
Ca
CC
CC
Non-Investment grade
C
C
C
Non-Investment grade
D
D
Non-Investment grade

Quellen: Moody's, S&P, Fitch


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