The rating agencies Moody’s und Standard & Poor’s confirm EnBW’s ratings of A2 and A-

Karlsruhe. The rating agencies Moody’s and Standard & Poor's have confirmed the long-term A2 and A- ratings for EnBW Energie Baden-Württemberg AG and the short-term Prime-1 and A-2 ratings. The agencies initiated a review of the EnBW rating in response to the announcement that EnBW is planning to invest in VNG. The review has been com-pleted now.

Hans Peter Villis, CEO of EnBW: “We are delighted about the good ratings affirmed by the rating agencies. They confirm that our strategy is convincing and that – as publicly an-nounced - growth and retaining our A ratings can be combined successfully.”

“The confirmation of our good rating shows that both agencies have faith in the financial strength of EnBW. For us, the A rating is the framework for our mid-term growth and finance strategy,” says Dr. Rudolf Schulten, CFO of EnBW.

Standard & Poor’s continues to rate the EnBW business profile as strong and has as-signed an intermediate financial risk profile to the company. With reference to the uncer-tainty surrounding the implementation of EnBW’s complex growth programme, Standard & Poor’s has assigned a negative outlook of the rating.

Moody’s believes that EnBW’s financial situation will strengthen in future due to the re-newal of the call option for the takeover of the VNG shares from EWE, the sale of GESO Beteiligungs- und Beratungs-AG (GESO) planned for the near future and the plans announced to launch a divestiture programme of € 1.5 billion. The outlook of the rating at Moody’s is stable.