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.

The affirmation reflects Scope’s view on Encavis’ protected business model, continuously improving diversification and robust debt protection and liquidity.

Scope Ratings has updated its rating report on Encavis AG, rated BBB-/Stable.

The issuer rating reflects Scope Ratings’ view on Encavis’ protected business model, continuously improving diversification and high leverage which however is strongly driven by non-recourse debt on the project level.