Fitch upgrades RWE

Fitch Ratings said it upgraded RWE AG's long-term issuer default rating to BBB+ from BBB with a stable outlook and its subordinated notes' rating to BBB- from BB+.

“The upgrade reflects RWE's continuous expansion in renewable generation, which drives EBITDA increase, is carbon-free and mostly quasi-regulated thanks to support mechanisms. It also reflects visibility of conventional generation provided by the coal exit agreement in Germany and the equity increase in 2020, as well as compensation for the accelerated nuclear phase-out in Germany agreed in 2021,” Fitch said in a news release.

“We believe these factors will drive RWE's leverage sustainably below the positive rating guideline for the previous rating.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.