Following the recent affirmation of the BBB-/Stable issuer rating, Scope has updated its analytical report on Uniper SE.

The rating action reflects a further improvement in the standalone credit assessment, largely offset by the lowered rating uplift relating to Uniper’s status as a government-related entity.

The rating action reflects the improved standalone credit quality largely balanced out by the lowered rating uplift relating to Uniper’s status as a government-related entity.

The rating action reflects the expected majority ownership in Uniper by the German government following the amendment of the stabilisation package.

The rating action reflects weakened business and financial risk profiles amid retaliatory measures against Western countries by Russia, which outweigh the positive impact on Uniper’s issuer rating from its status as a government-related entity.

The company is examining how to secure its liquidity, and it has entered into discussions with the German government on possible stabilisation measures.

The rating action reflects heightened event risk given an escalation in sanctions by the US and EU as well as potential retaliatory measures by Russia amid the conflict in Ukraine.

The affirmation is supported by Uniper’s consistently strong financial risk profile and robust business profile that can withstand considerable market turbulence. Uniper continues to be rated as an independent company.

The affirmation is driven by Uniper’s status as an independent company and its consistently strong credit metrics supported by an extensive use of hedging and robust regulated and quasi-regulated activities.

The move to acquire a majority stake in Uniper (BBB+/Stable) has no immediate rating implications.