Karlsruhe. The internationally well known rating agency Standard & Poor's has once again approved the credit-worthiness of EnBW Energie Baden-Württemberg AG on a very high level. The long-term rating has been lowered by one notch from A+ to A. The outlook remains stable. The rating decision takes into account EnBW's strong financial profile on the one hand and reflects the deterioration of the financial ratios due to acquisitions and heavy borrowing in 2002 on the other hand. The short-term rating maintains A-1. This is, in particular, in favour of the recently initiated Commercial Paper Programme.
"The postponement of the planned secondary public offering for the year 2002 is the main reason for the deterioration of the key financial ratios compared to last year's results", explained Dr. Balzereit. "A strong focus on integration of the recent acquisitions, the move into the consolidation phase and the realisation of the planned equity measures will improve the financial profile with effect from 2004 onwards."
Standard & Poor's rating decision is further based on EnBW's strong market positon in the energy business, its strong regional market share and the concentration on the energy business with the divisions Electricity, Gas and Energy- and Environmental Services. In this context Standard & Poor's refers to EnBW's approximately 80 per cent market share in the State of Baden-Württemberg, one of the wealthiest regions within Europe.