...- Eneco posted solid results for fiscal 2023 (year ended March 31, 2024), while it continued to expand installed capacity, reaching almost 2.4 gigawatts (GW) supported by long-term contracts. - We, however, view a higher discrepancy in Eneco's credit metrics between March 31 and Dec. 31 due to the seasonality of operational working capital. - We will continue benchmarking credit metrics to the end-December level because we think they adequately reflect the group's credit quality. - We affirmed our 'A-/A-2' long-term and short-term ratings on Eneco, reflecting the '###+' stand-alone credit profile and a one-notch uplift from its main shareholder, Mitsubishi Corp. (A/Stable/A-1). - The stable outlook on Eneco reflects that on Mitsubishi and our forecast of adjusted funds from operations (FFO) to debt to staying higher than 50% at Dec. 31 while expanding its renewable fleet, due to a supportive financial policy. We will monitor whether the difference in FFO to debt at the end of March and...
