The affirmation reflects Encavis’ strong business risk profile and the temporary challenges from delays in commissioning and meteorological conditions.

Pressure on credit metrics from moderating power prices and further acceleration of the company’s growth strategy is partly offset by potential support from new shareholders.

The rating action reflects Scope’s expectation that Encavis will keep its credit metrics under control while carrying out its accelerated growth strategy.

The rating action reflects the significant strengthening in credit metrics paired with gradually improving diversification that has more than offset the decreasing exposure to regulated power generation.

The affirmation reflects Scope’s unchanged view on Encavis’ largely protected business model, paired with the company’s continuously improving diversification and gradually strengthening credit metrics.