The affirmation reflects unchanged business and financial risk profiles. Financial headroom to the downside scenario is shrinking, however.

The upgrade is driven by the improved financial risk profile enabled by a stronger-than-expected performance, continued robust cash flows from its grid operation and cash dividends from Hafslund ECO Vannkraft.

The affirmation reflects Eidsiva’s continued competitive strength as Norway’s largest distribution grid operator, its low industry risk, and projected substantial capex and dividend payouts.

The affirmation reflects the company’s continued competitive strength as Norway’s largest distribution grid operator, its low industry risk, and Scope’s projections of continued substantial capex and dividend payouts.

Business risks are low and stable, but the high capex and dividends will result in a sizeable increase in debt in the next few years.