...EVN AG's (EVN, A1 stable) credit profile is supported by (1) its high degree of regulated earnings, 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; (2)its strong competitive position in its core market of Lower Austria, a market characterised by high customer loyalty; (3) a strong financial profile, with funds from operations (FFO)/net debt averaging 66% in the last three financial years, underpinned by its continued prudent financial policy; and (4) the majority ownership by the State of Lower Austria (Aa1 negative), required by legislation, resulting in EVN's A1 rating incorporating a one notch rating uplift for potential support. EVN's credit quality is constrained by; (1) its significant portion of earnings emanating from activities with high business risk, in particular, operations in South East Europe (SEE) (SEE, typically accounting...