On Nov. 1, 2016, the Court of Amsterdam confirmed the requirement for Dutch multi-utility Eneco Holding N.V. (Eneco) to unbundle by January 2017. Eneco has announced that it plans to implement unbundling by spinning-off its non-network activities to N.V. Eneco Beheer (Beheer), while leaving Stedin Netbeheer B.V. in charge of regulated networks. We are therefore resolving the CreditWatch negative and assessing Beheer as if the unbundling had already happened, as we cannot see a scenario where it would not. We understand that the new group will be significantly less leveraged than Eneco pre unbundling, however, Beheer's business risk will be weaker as it will not benefit from any regulated activities. As a result, we are lowering the rating on Beheer
