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
Moody's
A3
Standard & Poor's
A-
Fitch
BBB+
Senior Unsecured Rating
Moody's
A3
Standard & Poor's
A-
Fitch
A-
Subordinated Rating
Moody's
Baa2
Standard & Poor's
BBB-
Fitch
BBB
Short-term Rating
Moody's
Prime-2
Standard & Poor's
A-2
Fitch
F2
Outlook
Moody's
negative
Standard & Poor's
stable
Fitch
stable
Analyst
Moody's
Knut Slatten
Standard & Poor's
Renata Gottliebova
Fitch
Jan Jürgensen

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

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

Quellen: Moody's, S&P, Fitch

EnBW-Rating history:

Moody's
Standard & Poor's
Fitch
2019
Moody's
A3/negative
Standard & Poor's
A-/stable
Fitch
A-/stable
2018
Moody's
A3/stable
Standard & Poor's
A-/stable
Fitch
A-/stable
2017
Moody's
Baa1/stable
Standard & Poor's
A-/stable
Fitch
A-/stable
2016
Moody's
A3/negative
Standard & Poor's
A-/negative
Fitch
A-/stable
2015
Moody's
A3/negative
Standard & Poor's
A-/stable
Fitch
A-/stable
2014
Moody's
A3/negative
Standard & Poor's
A-/stable
Fitch
A-/stable
2013
Moody's
A3/negative
Standard & Poor's
A-/stable
Fitch
A-/stable
2012
Moody's
A3/negative
Standard & Poor's
A-/stable
Fitch
A-/stable
2011
Moody's
A3/negative
Standard & Poor's
A-/stable
Fitch
A-/stable
2010
Moody's
A2/stable
Standard & Poor's
A-/negative
Fitch
A/stable
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