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
|
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
|