The upgrade reflects the sustained strengthening of credit metrics, supported by higher tariffs, the recovery of past grid losses, and cash-funded bond amortisation.

The revised Outlook reflects Scope's view that the leverage could support a higher rating, driven by tariff increases, lower costs for grid losses and cash-funded bond amortisation. Still, this is subject to the final shape of the new regulatory period.

The rating benefits from the company’s market position supported by a regulated tariff system and prudent financial policy of gradual bond amortisation and no additional debt.