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European rating agency. Objective, transparent, independent.

Elia Group S.A.

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
A Outlook STA 02.07.2021 08.07.2021
A Outlook STA 06.02.2020 17.02.2020
A Outlook STA 18.10.2017 20.10.2017
A Outlook STA 07.10.2016 14.10.2016

News

  • 08.07.2021
    Creditreform Rating AG confirmed the unsolicited corporate issuer rating of Elia Group S.A. at A with stable outlook. The primary reasons that led to this decision are the Company´s low business risk profile, which stems from the supportive regulatory regimes in both Belgium and Germany, the Group´s high degree of systemic relevance, and its natural and regional monopoly position as well as the close relationship to the Belgian and German state. Elia Group S.A. registers stable revenues, good margins and has an adequate capital structure. The stable outlook takes into account the current regulatory frameworks for 50Hertz (2019 – 2023) and Elia Transmission Belgium (2020 – 2023), as well as the updated investment plan. We continue to assume that the stability and support offered by the regulatory frameworks required for the financing of these investments continues to be present and believe that the planned investments in the current investment plan will not lead to a significant change in leverage in the course of the next year. However, the updated investment plans foresee a significant increase in comparison to previous investment plans and will partially require external financing, which might lead to a deterioration in the financial key figures in the medium term.
  • 17.02.2020
    Creditreform Rating has confirmed the unsolicited Corporate Issuer Rating of Elia Group S.A./N.V. at A. The outlook is stable. The primary reasons that lead to this decision are the company´s low business risk profile, which stems from the supportive regulatory regimes in both Belgium and Germany, the Group´s high degree of systemic relevance, and its natural monopoly position. Elia Group S.A./N.V. registers stable revenues, good margins and has an adequate capital structure. For the current year, we expect an overall stable operative development.
    Elia Group S.A./N.V. reorganized its corporate structure in order to isolate the Belgian regulated activities (incl. Nemolink Ltd.) to prevent cross-subsidization under the new Belgian tariff methodology between the Belgian regulated activities and the Group´s other activities. CRA does not see any additional risks that could result from this structural change. In the course of the structural reorganization Elia Group S.A./N.V. (formerly known as Elia System Operator S.A./N.V.) transferred its TSO-activities to its subsidiary Elia Transmission Belgium S.A./N.V., changed into a holding company, which will hold the Group´s investments, and subsequently changed its name to Elia Group S.A./N.V.
  • 20.10.2017
    Creditreform Rating has updated the unsolicited corporate rating of Elia System Operator N.V./S.A.