The rating upgrade reflects the solid credit metrics thanks to high power prices, which are likely to be retained based on the strong forward electricity prices.

The Outlook change is driven by the significant improvement in power prices this year, easing previous credit metrics pressure and stabilising the company's financial profile.

The Outlook change is driven by uncertainty over how swiftly financial metrics will recover in the absence of a significant improvement in power prices next year.

The affirmation is driven by recent cash preservation and deleveraging, as well as Scope's anticipation of a weaker financial risk profile from 2020 due to the company's expansionary investment ambitions.

The first-time BBB issuer rating on Akershus Energi is predominantly driven by highly profitable and cost-efficient hydropower production leading to strong EBITDA margins.