S&P acts on Alliander, Enexis, Stedin

S&P said it lowered the junior subordinated notes issued by Alliander NV to BBB+ from A- and Stedin Holding NV to BBB- from BBB. The agency also revised its outlook for Enexis Holding NV to positive from stable and affirmed its A+ issuer and senior debt ratings.

Concurrently S&P affirmed the A+ ratings on Alliander and Enexis and Stedin’s A- ratings.

“The Dutch state and the power and gas distribution system operators (DSOs) Alliander, Enexis, and Stedin have signed a framework agreement whereby the state commits to ultimately support the capital adequacy of the DSOs at a minimum A- or equivalent rating level. We view this agreement as binding and robust and therefore now consider the DSOs to be government-related entities (GREs) of the Netherlands (AAA/stable/A-1+),” the agency said in a statement.

However, S&P said it does not believe the Dutch government would back the junior subordinated debt if needed.

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