Fitch affirms RWE

Fitch Ratings said it affirmed RWE AG's long-term issuer default rating at A+, senior unsecured rating at AA- and short-term issuer default rating at F1.

The outlook was revised to stable from negative.

The outlook revision is driven by RWE's slower-than-expected increase in leverage as a result of lower investments executed over the last 18 months, Fitch said, as well as its operating resilience to the economic downturn.

The acquisition of Essent in the Netherlands together with capital expenditure spending and dividend payments of €2.4 billion resulted in a deterioration of RWE's credit metrics in 2009, the agency said.

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