Following the recent rating action on Helgeland Kraft AS on 26 June 2025, Scope has released an associated analytical report.

The Negative Outlook reflects the risk of sustained weaker credit metrics, amplified by adverse regional market conditions, even with the expected market normalisation.

The affirmation reflects Helgeland Kraft’s strong financial performance in 2023, but also the risk that high investments, especially in the grid segment, may put pressure on credit metrics in the next few years.

The affirmation is driven by a stronger than projected year-end 2022 financial profile which Scope projects will enable the company to pursue higher-than-historical investments, whilst maintaining financial metrics in line with historical averages.

The rating reflects Helgeland Kraft’s stable and good profitability from monopolistic regulated power distribution as well as its considerable profits from environmentally friendly power production.