The affirmation reflects Scope's unchanged view that Lyse can sustain good credit metrics amid the ongoing investment phase in its telecommunications division.

The rating upgrade is driven by the improved financial risk profile enabled by higher power prices despite significant growth investments in telecommunications.

Continued high energy prices and the acquisition of telecoms company Ice balance each other out to bring Lyse’s financial risk profile back within Scope’s long-term Outlook.

The upcoming EBITDA improvement is largely driven by continued telecoms growth, newly added capacity through the Hydro RSK assets, and higher power prices.