EnBW credit ratings unchanged and with stable outlook despite volatile market environment

• • Standard & Poor’s confirms EnBW rating at A-
• • Moody’s publishes update on Baa1 rating, leaves rating unchanged
• • Confirmation of the robustness of EnBW’s integrated business model

Karlsruhe. On 5 July, rating agency Standard & Poor’s (S&P) confirmed EnBW AG’s rating at A-. The outlook remains at stable. Rating agency Moody’s already published a detailed credit update on EnBW AG on 4 July 2022, leaving the rating at Baa1 with a stable outlook. This means that EnBW continues to be one of the best-rated utilities in Europe.

“We are pleased that in this economically and politically volatile environment, both rating agencies, S&P and Moody’s, have confirmed our very stable position with our diversified and integrated business model along the entire value chain,” said EnBW CFO Thomas Kusterer.

The ratings from S&P and Moody’s are in line with EnBW’s objective of maintaining solid investment grade ratings.

EnBW manages its financial profile using debt repayment potential as a key performance indicator, which is retained cash flow (RCF) as a percentage of net debt. This is close to the key ratios used by the rating agencies and is designed to ensure that a solid investment grade rating is maintained.

The full rating reports may be viewed at: Bonds | EnBW