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

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

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