This report does not constitute a rating action. STOCKHOLM (S&P Global Ratings) March 6, 2025--S&P Global Ratings said today that Vattenfall AB?s (BBB+/Stable/A-2) rating remains unaffected by the potential sale of its district heating operations. However, such a sale may reduce its share of regulated activities and could lead to marginally higher business risk. On March 4, Vattenfall announced that it will conduct a strategic review of its ownership of district heating operations. The total contribution from its district heating activities, encompassing the U.K., the Netherlands, and Sweden, was about Swedish krona (SEK) 900 million (about €83 million) of underlying EBITDA in 2024, roughly 2% of Vattenfall?s annual underlying EBITDA. The sale of these operations would reduce the share of
