S&P Global affirms Elia Group, Eurogrid and ETB’s BBB+ rating and revises the outlook to negative for Elia Group and Eurogrid

Highlights

• Elia Group’s, ETB’s and Eurogrid’s credit ratings remain unchanged
• S&P Global affirms credit ratings at BBB+ and revises the outlook to ‘negative’ for Elia Group and Eurogrid. For ETB, the credit rating is affirmed at BBB+ with a stable outlook

S&P Global (S&P) affirmed Elia Group’s and Eurogrid GmbH (“Eurogrid”) BBB+ long-term credit rating but revised the outlook to negative from stable. The long-term credit rating of Elia Transmission Belgium (“ETB”) of BBB+ was affirmed with a stable outlook. The negative outlook for Elia Group and Eurogrid reflects S&P’s view that Elia Group’s and Eurogrid’s adjusted FFO to Debt could decline below S&P’s guidance for its ratings due to the recently announced CAPEX update as well as the revised financial policy targets.