The rating affirmation reflects the company’s low indebtedness, which helps to offset exposure to volatile market prices in hydropower generation.

The Stable Outlook reflects an unchanged financial risk profile, supported by a continuously favourable pricing environment in power generation and high internal funding capacity.

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.