Bulletin: French Utility Engie's Performance Set To Rebound From Weak 2020; Strategic Review Clarification Expected In First-Half

PARIS (S&P Global Ratings) Feb. 26, 2021--S&P Global Ratings today said that French utility Engie SA?s (BBB+/Stable/A-2) weak 2020 results highlight decreased resilience of the group's operations relative to the sector but that a strong rebound is expected in 2021, driven primarily by the recovery of its Client Solutions business. While credit metrics are weak for the current BBB+ rating, our anticipated rebound for 2021 should help improving the situation. We expect the details over the strategic update to be released on May 18, at which point we will review our ratings and outlook. The group's reported 2020 EBITDA was €9.3 billion, €1.1 billion lower than 2019 and broadly in line with our expectations of a 10%-12% decline year-over year

...February 26, 2021 PARIS (S&P Global Ratings) Feb. 26, 2021--S&P Global Ratings today said that French utility Engie SA's (###+/Stable/A-2) weak 2020 results highlight decreased resilience of the group's operations relative to the sector but that a strong rebound is expected in 2021, driven primarily by the recovery of its Client Solutions business. While credit metrics are weak for the current ###+ rating, our anticipated rebound for 2021 should help improving the situation. We expect the details over the strategic update to be released on May 18, at which point we will review our ratings and outlook. The group's reported 2020 EBITDA was 9.3 billion, 1.1 billion lower than 2019 and broadly in line with our expectations of a 10%-12% decline year-over year (for more information, see "ENGIE SA Rating Lowered To '###+' On Less-Resilient Business Amid Looming Recession; Outlook Stable," published April 24, 2020, on RatingsDirect). This sharp drop stemmed from the significant impact of the COVID-19...

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