Scope Hamburg affirms the A- / stable rating of Elia Group SA / NV. The underlying rationale is characterised by an overall unchanged assessment of business risks (low) and financial risks (moderate to slightly increased) and a two-notch uplift for a high likelihood of extraordinary governmental support.
Scope Hamburg GmbH has affirmed the A- issuer credit rating of Elia Group SA / NV. The rating outlook remains unchanged at stable. Elia Group’s A- rating credit rating is mainly driven by the low business risks due to very high barriers to market entry as a public utility with nationally and regionally diversified monopolies, ensuring transmission system stability in central Europe via accelerated grid expansion, growing importance for (supra)national renewable energy integration and risks from adverse changes in regulatory frameworks and (European) energy policies. Key drivers of the moderate to slightly increased financial risk profile are robust cash flows, recovery of costs and adequate capital returns, good financial flexibility thanks to its currently good liquidity position backed by high EEG cash reserves and its preferred access to funding from public and municipal shareholders and good access to capital markets, as well as reflecting the weakly satisfactory deleveraging potential to fund large growth investments over the medium term.
Elia Group SA / NV headquartered in Brussels / Belgium and Berlin / Germany is the holding company for a group of companies engaged in regulated electricity transmission system operations (TSO) supplying 30 million end users with electricity in Belgium and Germany. In total 51.86% of Elia’s shares are freely floated, and 48.14% are held by Belgian municipalities and intermunicipal companies (thereof 44.82% through Publi-T SCRL). In 2021 the Elia Group generated revenues of € 2.7 billion with around 2,900 employees.
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