Large scale with significant business and geographic diversity. Sizable and increasing share of regulated and contracted operations, following recent disposals in merchant power and oil and gas upstream activities. Favorable market positions and growth prospects in its energy services division. Improving credit metrics supported by EBITDA growth, including funds from operations (FFO) to debt above 20% and debt to EBITDA of about 4x. Supportive financial policy and proven financial flexibility from a diverse portfolio of activities, along with an exceptional liquidity. Appetite for mergers and acquisitions to support growth of client solutions business. Exposure to fast-growing, but historically volatile, overseas markets, with growing presence in Latin America (Latam). Potential for increasingly complex financial engineering, with minority stakes in highly indebted
