Bulletin: ENGIE SA's Good 2019 Operating Performance And Guidance Confirms Tight Financial Headroom

PARIS (S&P Global Ratings) Feb. 27, 2020--S&P Global Ratings today said that ENGIE SA?s 2019 results are in line with our expectations for the rating (A-/Stable/A-1), supporting our view that the group's FFO to debt will have been about 20% for 2019, increasing beyond this from 2020 onward. We thus forecast that ENGIE's headroom will remain relatively tight over the next two years even accounting for the €4 billion disposal plan, limiting potential for any large-sized debt financed acquisition. The board chairman reiterated the group's strategic focus around the current growth pillars--client solutions, renewables and networks. We are looking for the future CEO, once appointed, to fully clarify the pace of the group's ongoing transformation. We will also monitor closely

...February 27, 2020 PARIS (S&P Global Ratings) Feb. 27, 2020--S&P Global Ratings today said that ENGIE SA's 2019 results are in line with our expectations for the rating (A-/Stable/A-1), supporting our view that the group's FFO to debt will have been about 20% for 2019, increasing beyond this from 2020 onward. We thus forecast that ENGIE's headroom will remain relatively tight over the next two years even accounting for the 4 billion disposal plan, limiting potential for any large-sized debt financed acquisition. The board chairman reiterated the group's strategic focus around the current growth pillars--client solutions, renewables and networks. We are looking for the future CEO, once appointed, to fully clarify the pace of the group's ongoing transformation. We will also monitor closely the confirmation by the new CEO of the current financial policy and commitment to the rating. EBITDA growth for 2019 was in line with our expectations, reaching 10.4 billion on the back of improved nuclear...

Bulletin