...EVN AG's (EVN, A1 stable) credit quality is supported by the fact that around half of the group's EBITDA comes from regulated domestic network activities, which have very low business risk, and other non-regulated but relatively low-risk utility activities in Lower Austria. In addition, the company has a strong competitive position in its core market of Lower Austria, a market characterised by high customer loyalty. EVN's strong financial metrics, with funds from operations (FFO)/net debt averaging over 50% in the last three financial years, are underpinned by its continued prudent financial policy. The company's strong operational performance, combined with the use of benefits of non-recurring effects, has enabled a significant deleveraging of the business: from the fiscal year ended September 2016 (fiscal 2016), reported net debt fell by over 38% to 812 million as of September 2019. We expect the group to retain a strong financial profile given its continued investment focus on regulated...