The Outlook revision reflects the limited upside to the ratings following Eviny's recent acquisition of two wind farms. While the integration of wind capacity slightly improves the utility's business risk profile, it weighs on credit metrics.

The upgrade follows significant improvements in Eviny's financials, which are likely to last due to elevated power prices. Further upside is reflected by the Positive Outlook, assuming Eviny maintains a strong financial profile over a prolonged time.

The rating actions follow the publication of Scope’s updated European utilities rating methodology which will likely have a positive impact.

Higher power prices have enabled significant deleveraging, with Scope projecting that key credit ratios will remain at the more conservative levels.

The affirmation reflects the return to a more conservative financial risk profile this year, helped by higher power prices and subsequently stronger operational cash generation from BKK’s hydropower production segment.