EnBW receives S&P rating upgrade to stable on solid financial performance

EnBW receives S&P rating upgrade to stable on solid financial performance

(IN BRIEF) EnBW, the German utility, has had its outlook revised to stable by the rating agency S&P. The credit rating was confirmed at A-. The revision is due to EnBW’s solid financial performance and its commitment to reducing CO2 emissions, in addition to the company’s accelerated coal exit. S&P believes that EnBW’s transformation will position it among the strongest integrated European utilities in the long term. EnBW’s CFO, Thomas Kusterer, said the company will continue to implement the energy transition in Germany and Europe.

(PRESS RELEASE) KARLSRUHE, 1-Apr-2023 — /EuropaWire/ — On 30 March 2023, the rating agency S&P announced that it has revised EnBW’s outlook to stable. The credit rating was confirmed at A-. This rating update was after EnBW published solid results for 2022 despite the volatile environment and despite the negative impact from gas procurement at high prices for missing volumes which VNG, one of EnBW’s subsidiaries, had to replace due to the war in Ukraine.

Based on the solid financial performance, our accelerated coal exit and the SBTI-approved CO2-reduction path, S&P believes that EnBW “has a good track record of delivering its strategy on or ahead of time”, which makes them expect that “EnBW’s transformation will position it among the strongest integrated European utilities in the long term”.

Thomas Kusterer, CFO: “We are pleased that S&P with its latest rating action acknowledges the benefits of our integrated setup und trusts in the further development of EnBW. We will continue to follow our strategy of implementing the energy transition in Germany and Europe stringently.”

The full information may be viewed at: Bonds | EnBW

Media Contact:

Julia von Wietersheim
Senior Manager Investor Relations
Phone: +49 721 63-12060
investor.relations@enbw.com

SOURCE: EnBW