Euler Hermes Rating bewertet die Bonität der Elia System Operator S.A./N.V. mit A-
Hamburg (ots)
Euler Hermes Rating bewertet die Bonität und Zukunftsfähigkeit der Elia System Operator S.A./N.V. mit A-. Die seit 2015 bestehende Ratingnotation wird damit bestätigt. Für die kommenden zwölf Monate wird eine stabile Entwicklung des Ratings erwartet.
Die Elia System Operator S.A. / N.V. verfügt nach Auffassung von Euler Hermes Rating über ein geringes Geschäftsrisiko. Positiv bewertet Euler Hermes Rating die regionalen Monopole in Belgien und Deutschland sowie die nationalen Netzinfrastruktur- und Energieversorgungsaufträge über eigene Netze und Lizenzen. Hohe Investitionen in die Netzmodernisierung und -nachrüstung, die Netzintegration erneuerbarer Energien und den Ausbau supranationaler Transittrassen in Nordwest- und Zentraleuropa werden nachhaltig die Netzstabilität und -belastbarkeit erhöhen und drohende Blackouts reduzieren. Regulatorische Netzentwicklungspläne und Anreizsysteme sichern die Ausbauziele. Aus Sicht der Agentur besitzt Elia das Potenzial neue digitale Dienstleistungen im Nachfrage-, Spitzenlast- und Netzwerkmanagement anzubieten. Risiken bestehen insbesondere durch die zunehmende EU Liberalisierung infolge geänderter Energiepolitik und regulatorischer Rahmenbedingungen, Prolongation der Konzession und Netzinstabilität.
Das Finanzrisiko des Elia Konzerns schätzt Euler Hermes Rating als moderat ein. Vor dem Hintergrund sicherer Cashflows, der regulatorischen Kostendeckung sowie angemessener Eigenkapitalrenditen und ROCE beurteilt die Ratingagentur Ertragspotenzial und Finanzierungsstruktur als angemessen. Die Finanzierung hoher Wachstumsinvestitionen und der in 2020-2022 potenziell fälligen Rückkaufverpflichtung der durch die Solar Chest S.A. von Elia erworbenen Grünstromzertifikate belasten in Zukunft zunehmend das Entschuldungspotenzial. Der bevorzugte Zugang zu kommunalen Aktionärsmitteln, der gute Kapitalmarktzugang, die hohe Liquiditätsreserve und freie Finanzierungslinien bieten nach Einschätzung von Euler Hermes Rating eine gute finanzielle Flexibilität. Die für die kommenden Geschäftsjahre geplanten Geschäftsentwicklungen und Investitionen hält die Agentur insgesamt für realistisch.
Die operationellen Risiken stehen nach Auffassung der Agentur im Einklang mit dem Anker-Rating. Positiv beurteilt Euler Hermes Rating die für Belgien und Deutschland hohe wirtschaftliche Bedeutung des hoheitlichen Versorgungsauftrages von Elia, den engen Integrationsgrad und die hohe Bonität von Belgien und Deutschland, der belgischen Provinzen sowie Kommunen, sodass das Standalone Rating (BBB) um zwei Notches auf A- aufgewertet wird.
Elia System Operator S.A./N.V. ist der Betreiber von Stromübertragungsnetzen (TSO) in Belgien und regional in Deutschland. Die Elia Gruppe erzielte in 2018 mit mehr als 2.400 Mitarbeitern Umsatzerlöse von EUR 1,9 Mrd.
Euler Hermes Rating GmbH ist gemäß der Verordnung (EG) Nr. 1060/2009 des Europäischen Parlaments und des Rates als Credit Rating Agency (CRA) registriert sowie als External Credit Assessment Institute (ECAI) durch die BaFin anerkannt.
Die Zusammenfassung des Ratingberichts sowie weitere Informationen zu Euler Hermes Rating GmbH unter www.eulerhermes-rating.com.
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