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.
Creditreform Rating has updated the unsolicited corporate rating of Elia System Operator N.V./S.A.