Scope Ratings has updated its rating report on the senior notes issued by Borkum Riffgrund 2 Investor Holding GmbH.

The A- rating reflects a total expected loss of 0.11% over the notes’ life until maturity, equivalent to a 2.78-year constant-exposure expected risk horizon. Key drivers are the low operational risks, particularly in terms of sponsors and revenue generation, as well as the strong financial metrics and resilience to cash flow stress scenarios. The project has an almost fully amortising structure with a 12% balloon followed by a long remaining useful asset life.

This monitoring note does not constitute a credit rating action, nor does it indicate the likelihood that Scope will conduct a credit rating action in the short term.

On 3 January 2024, Scope completed the monitoring review for Borkum Riffgrund 2 Investor GmbH for the A- rating on the senior secured notes with a current outstanding balance of EUR 422.5m.

Click here to access the full report.