EnBW-Bonds
Our business development is to be financed by retained cash flow and, if necessary, by external debt financing. Various financing instruments give EnBW flexible access to the debt capital markets.
Ratings
Standard & Poor's has rated EnBW's credit standing since December 2000, Moody's since January 2002. EnBW has been evaluated by the third important rating agency Fitch for the first time in May 2009.
Current EnBW-Ratings:
|
|
Moody's
|
Standard & Poor's
|
Fitch
|
|---|---|---|---|
|
Long-term Issuer Rating
|
A3
|
A-
|
BBB+
|
|
Senior Unsecured Rating
|
A3
|
A-
|
A-
|
|
Hybrid Rating
|
Baa2
|
BBB-
|
BBB
|
|
Short-term Rating
|
Prime-2
|
A-2
|
F2
|
|
Outlook
|
negative
|
stable
|
stable
|
|
Analyst
|
Knut Slatten
|
Renata Gottliebova
|
Jan Jürgensen
|
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
EnBW-Rating history:
|
|
Moody's
|
Standard & Poor's
|
Fitch
|
|---|---|---|---|
|
2019
|
A3/negative
|
A-/stable
|
A-/stable
|
|
2018
|
A3/stable
|
A-/stable
|
A-/stable
|
|
2017
|
Baa1/stable
|
A-/stable
|
A-/stable
|
|
2016
|
A3/negative
|
A-/negative
|
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
|
