Scope Hamburg GmbH confirms the BBB+ rating for the Fixed Rate Secured Notes issued by Solar Chest SA with a total issue volume of € 275 million (current balance € 200 million) maturing between 2020 and 2022. The issue rating is largely based on Elia Group’s SA / NV and Elia Transmission Belgium‘s SA / NV (ETB’s) guarantees to repurchase green certificates, which Solar Chest had initially acquired from ETB (as legal successor of Elia System Operator SA /NV), Elia Group’s issuer credit rating and the legal and regulatory framework. The rating outlook is stable.
The issuer of the Fixed Rate Secured Notes is Solar Chest SA, a Belgian company wholly owned by municipal and provincial governments in the Walloon Region. The issue date is 30 June 2015. The bond was issued to finance the acquisition of green certificates in order to stabilize electricity tariffs in the Walloon Region at the legally guaranteed price of € 65 (excluding VAT) from ETB.
The agency assigned Elia Group an issuer rating of A- in this connection on 07 May 2021. The outlook for the issuer rating is stable.
The agency refers for the rating report and further information regarding Scope Hamburg GmbH to www.scopehamburg.com.
Scope Hamburg GmbH (formerly Euler Hermes Rating GmbH) was founded in 2001 as an independent European rating agency focusing on corporate issuer and issuance and project finance ratings. Scope Hamburg GmbH is registered as a credit rating agency (CRA) in accordance with Regulation (EC) No 1060/2009 of the European Parliament and Council (as amended) and is considered as an external credit assessment institution (ECAI) by the European Banking Authority (EBA). Scope Hamburg GmbH is a subsidiary of Scope Group, the leading European provider of independent credit ratings, ESG analyses and fund analyses.
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