Euler Hermes Rating bewertet die Bonität der Elia System Operator S.A./N.V. mit A-

Hamburg (ots) - Euler Hermes Rating bewertet die Bonität und
Zukunftsfähigkeit der Elia System Operator S.A./N.V. mit A-. Die seit
2015 bestehende Ratingnotation wird damit bestätigt. Für die
kommenden zwölf Monate wird eine stabile Entwicklung des Ratings
erwartet.

Die Elia System Operator S.A. / N.V. verfügt nach Auffassung von
Euler Hermes Rating über ein geringes Geschäftsrisiko. Positiv
bewertet Euler Hermes Rating die regionalen Monopole in Belgien und
Deutschland sowie die nationalen Netzinfrastruktur- und
Energieversorgungsaufträge über eigene Netze und Lizenzen. Hohe
Investitionen in die Netzmodernisierung und -nachrüstung, die
Netzintegration erneuerbarer Energien und den Ausbau supranationaler
Transittrassen in Nordwest- und Zentraleuropa werden nachhaltig die
Netzstabilität und -belastbarkeit erhöhen und drohende Blackouts
reduzieren. Regulatorische Netzentwicklungspläne und Anreizsysteme
sichern die Ausbauziele. Aus Sicht der Agentur besitzt Elia das
Potenzial neue digitale Dienstleistungen im Nachfrage-, Spitzenlast-
und Netzwerkmanagement anzubieten. Risiken bestehen insbesondere
durch die zunehmende EU Liberalisierung infolge geänderter
Energiepolitik und regulatorischer Rahmenbedingungen, Prolongation
der Konzession und Netzinstabilität.

Das Finanzrisiko des Elia Konzerns schätzt Euler Hermes Rating als
moderat ein. Vor dem Hintergrund sicherer Cashflows, der
regulatorischen Kostendeckung sowie angemessener Eigenkapitalrenditen
und ROCE beurteilt die Ratingagentur Ertragspotenzial und
Finanzierungsstruktur als angemessen. Die Finanzierung hoher
Wachstumsinvestitionen und der in 2020-2022 potenziell fälligen
Rückkaufverpflichtung der durch die Solar Chest S.A. von Elia
erworbenen Grünstromzertifikate belasten in Zukunft zunehmend das
Entschuldungspotenzial. Der bevorzugte Zugang zu kommunalen
Aktionärsmitteln, der gute Kapitalmarktzugang, die hohe
Liquiditätsreserve und freie Finanzierungslinien bieten nach
Einschätzung von Euler Hermes Rating eine gute finanzielle
Flexibilität. Die für die kommenden Geschäftsjahre geplanten
Geschäftsentwicklungen und Investitionen hält die Agentur insgesamt
für realistisch.

Die operationellen Risiken stehen nach Auffassung der Agentur im
Einklang mit dem Anker-Rating. Positiv beurteilt Euler Hermes Rating
die für Belgien und Deutschland hohe wirtschaftliche Bedeutung des
hoheitlichen Versorgungsauftrages von Elia, den engen
Integrationsgrad und die hohe Bonität von Belgien und Deutschland,
der belgischen Provinzen sowie Kommunen, sodass das Standalone Rating
(BBB) um zwei Notches auf A- aufgewertet wird.

Elia System Operator S.A./N.V. ist der Betreiber von
Stromübertragungsnetzen (TSO) in Belgien und regional in Deutschland.
Die Elia Gruppe erzielte in 2018 mit mehr als 2.400 Mitarbeitern
Umsatzerlöse von EUR 1,9 Mrd.

Euler Hermes Rating GmbH ist gemäß der Verordnung (EG) Nr.
1060/2009 des Europäischen Parlaments und des Rates als Credit Rating
Agency (CRA) registriert sowie als External Credit Assessment
Institute (ECAI) durch die BaFin anerkannt.

Die Zusammenfassung des Ratingberichts sowie weitere Informationen
zu Euler Hermes Rating GmbH unter www.eulerhermes-rating.com.

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