Research Update: Dutch Integrated Utility Company Eneco N.V. Affirmed At 'A-/A-2'; Outlook Stable

For its financial year ending March 31, 2024, Eneco N.V.'s credit metrics will go below our threshold for the rating as net debt peaks, but we expect S&P Global Ratings-adjusted funds from operations (FFO) to debt to remain consistently higher than 45% in 2024-2026. The company will invest €1.8 billion in its renewable assets over 2024-2026 and retains a strong position in its core markets while focusing on its strategy to remain a leading player in targeting climate neutrality by 2035. We have affirmed our 'A-/A-2' long- and short-term ratings on Eneco N.V. (Eneco). The stable outlook on Eneco reflects that on its main shareholder, Mitsubishi Corp., and our forecast of adjusted FFO to debt to staying higher than 45%

...- For its financial year ending March 31, 2024, Eneco N.V.'s credit metrics will go below our threshold for the rating as net debt peaks, but we expect S&P Global Ratings-adjusted funds from operations (FFO) to debt to remain consistently higher than 45% in 2024-2026. - The company will invest 1.8 billion in its renewable assets over 2024-2026 and retains a strong position in its core markets while focusing on its strategy to remain a leading player in targeting climate neutrality by 2035. - We have affirmed our 'A-/A-2' long- and short-term ratings on Eneco N.V. (Eneco). - The stable outlook on Eneco reflects that on its main shareholder, Mitsubishi Corp., and our forecast of adjusted FFO to debt to staying higher than 45% except for the 2023 fiscal year....

Research Update