The affirmation reflects the maintenance of low business risks and Scope’s expectation that Eidsiva will contain financial risks amid high capex needs, albeit with limited headroom for underperformance.

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.