S&P revises Exeltium outlook to stable

S&P said it revised its outlook for Exeltium SAS to stable from positive and affirmed the BBB rating on its senior secured debt.

“Since our last review in January 2023, French power prices and our forecasts have decreased significantly. Exeltium's net downstream price (NDP; the net price paid by its industrial clients after discount) for 2024 is now broadly in line with spot baseload power prices in France,” S&P said in a press release.

The stable outlook reflects the increased opt-out risk amid lower power prices and the continued uncertainty about the one-off Flamanville European pressurized reactor commissioning payment.

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