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DBRS Morningstar assigns ACCIONA investment grade credit rating

23/04/2020
  • The rating agency DBRS Limited (DBRS Morningstar) has assigned ACCIONA a long-term corporate credit rating of "BBB" and a short-term rating of "R-2 (middle)".

The rating agency DBRS Limited (DBRS Morningstar) has assigned ACCIONA a long-term corporate credit rating of "BBB" and a short-term rating of "R-2 (middle)".

“ACCIONA's ratings largely reflects its relatively low-risk regulated renewable generation assets in Spain, its long-term contracted international renewable electricity assets, a moderate-risk profile associated with fee-for-service operations at water, concessions and other services in its Infrastructure division and its solid credit metrics and strong liquidity,” DBRS noted. “ACCIONA's ratings also incorporate its strong geographical diversification and technical expertise, experience in its principal businesses and good progress in the deleveraging programs.”

The “BBB” and “R-2 (middle)” ratings are considered "investment grade", reflecting "adequate credit quality" for meeting financial obligations.

ACCIONA has had a private and confidential rating from DBRS Morningstar since 2018 to support the company's operational needs in North America.

As a result of the current health emergency, ACCIONA decided to make its credit rating public to ensure optimal access to credit markets, including channels it has not tapped until now.

The public rating will allow ACCIONA to meet the European Central Bank’s eligibility criteria for programs such as the Pandemic Emergency Procurement Program (PEPP) or the already existing Asset Purchase Program (APP).

DBRS Morningstar is a rating agency with extensive expertise in ACCIONA’s key business activities, including energy and infrastructure, both in corporate ratings and structured project finance. The firm is one of four rating agencies recognized by the ECB.

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