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Euler Hermes Rating bewertet die Bonität der Elia System Operator S.A./N.V. mit A-

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.

© 2019 Euler Hermes Rating GmbH (\“EHRG\“) and/or its licensors and
affiliates. All rights reserved.

CREDIT RATINGS ISSUED BY EHRG ARE EHRG\’\’\’\’S CURRENT OPINIONS OF THE
RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT
OR DEBT-LIKE SECURITIES, AND EHRG\’\’\’\’S PUBLICATIONS MAY INCLUDE EHRG\’\’\’\’S
CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES,
CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. EHRG DEFINES
CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL,
FINANCIAL OBLIGATIONS AS THEY COME DUE AND, IN THE CASE OF
ISSUANCE-LEVEL CREDIT RATINGS, ANY ESTIMATED FINANCIAL LOSS IN THE
EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK,
INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR
PRICE VOLATILITY. CREDIT RAT-INGS AND EHRG\’\’\’\’S OPINIONS INCLUDED IN
EHRG\’\’\’\’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT.
CREDIT RATINGS AND EHRG\’\’\’\’S PUBLICATIONS ARE NEITHER A PROSPECTUS NOR A
SUBSTITUTE FOR INFORMATION ASSEMBLED AND PRESENTED BY COMPANIES OR
ISSU-ERS FOR INVESTORS REGARDING THE PURCHASE OF A SECURITY OR FOR
ASSESSING THE CREDIT-WORTHINESS OF A RATED ENTITY. CREDIT RATINGS AND
EHRG\’\’\’\’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR
FINANCIAL ADVICE, AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE,
SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR
EHRG\’\’\’\’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR
ANY PARTICULAR INVESTOR. EHRG ISSUES ITS CREDIT RATINGS AND PUBLISHES
ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH
INVESTOR WILL, WITH DUE CARE, CONDUCT ITS OWN INDEPENDENT ANALYSES,
CREDIT ASSESSMENTS AND OTHER VERIFICATIONS AND EVALUATIONS OF EACH
SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

EHRG\’\’\’\’S CREDIT RATINGS AND EHRG\’\’\’\’S PUBLICATIONS ARE NOT INTENDED FOR
USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE
FOR RETAIL INVESTORS TO USE EHRG\’\’\’\’S CREDIT RATINGS OR EHRG\’\’\’\’S
PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU
SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL
INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT
LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED
OR OTHERWISE REPRODUCED, RE-PACKAGED, FURTHER TRANSMITTED,
TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR
SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM
OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT EHRG\’\’\’\’S
PRIOR WRITTEN CONSENT.

All information contained herein is obtained by EHRG from sources
believed by it to be accurate and reliable. Because of the
possibility of human or mechanical error as well as other factors,
however, all information contained herein is provided \“AS IS\“ without
warranty of any kind. EHRG adopts all necessary measures so that the
information it uses in assigning a credit rating is of sufficient
quality and from sources EHRG considers to be reliable including,
when appropriate, independent third-party sources. However, EHRG is
not an auditor and cannot in every instance independently verify or
validate information received in the rating process or in preparing
the EHRG publications.

Please note that summaries of contracts, laws and other documents
contained in any EHRG publication, rating report or other materials
cannot replace careful study of the relevant complete texts. EHRG and
its directors, officers, employees, agents, representatives,
licensors and suppliers disclaim liability to any person or entity
for any indirect, special, consequential, or incidental losses or
damages whatsoever arising from or in connection with the information
contained herein or the use of or inability to use any such
information, even if EHRG or any of its directors, officers,
employees, agents, representatives, licensors or suppliers is advised
in advance of the possibility of such losses or damages, including
but not limited to: (a) any loss of present or prospective profits or
(b) any loss or damage arising where the relevant financial
instrument is not the subject of a particular credit rating assigned
by EHRG. The limitations do not apply to the extent that fraud,
intent or any other type of liability cannot be excluded or limited
(as applicable) under applicable law.

EHRG and its directors, officers, employees, agents,
representatives, licensors and suppliers disclaim liability for any
direct or compensatory losses or damages caused to any person or
entity, on the part of, or any contingency within or beyond the
control of, EHRG or any of its directors, officers, employees,
agents, representatives, licensors or suppliers, arising from or in
connection with the information contained herein or the use of or
inability to use any such information. The limitations do not apply
to the extent that fraud, intent or any other type of liability
cannot be excluded or limited (as applicable) under applicable law.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS,
COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE
OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE
BY EHRG IN ANY FORM OR MANNER WHATSOEVER.

The dissemination and use of an EHRG rating report may be
prohibited by law in certain jurisdictions. Any persons who come into
the possession of such information should inquire about and comply
with any prohibitions that may be in place. EHRG assumes no liability
of any kind with respect to such dissemination and use of any rating
in any jurisdiction whatsoever.

Euler Hermes Rating GmbH

Pressekontakt:
Sven Sahlberg – Sven.Sahlberg@eulerhermes-rating.com
Friedensallee 254
22763 Hamburg
Tel.: 040 8834-640
Fax: 040 8834-6413
www.eulerhermes-rating.com

Original-Content von: Euler Hermes Rating GmbH, übermittelt durch news aktuell

Posted by on 25. Juni 2019.

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Categories: Finanzen

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