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

The Negative Outlook reflects the significant risk that high leverage may persist for a prolonged period, despite the company’s ongoing deleveraging efforts through asset sales.

The upgrade reflects Scope’s expectation that TrønderEnergi will continue to have high profitability, supporting an improved financial leverage.

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 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 downgrade stems from the absence of a valid refinancing strategy for the EUR 200m bond due in May 2025, compounded by uncertain operational prospects for 2024.

Growth in HR services and solar power generation as well as moderate leverage support the rating. Low profitability, moderate volatility of the temporary staffing headcount, high customer concentration and shortening debt maturity profile are constraints.

The Negative Outlook reflects significant refinancing risk related to refinancing requirements in December 2025 and is subject to successful asset disposals.

Strengths are high market shares, well-known brands, the low cyclicality of non-discretionary consumer products, and a strong financial risk profile. Moderate profitability and low diversification outside Norway are constraints.

The affirmation reflects the higher, but still volatile recurring cash income generation of the investment portfolio, while limited scale and lack of medium-term visibility on investment strategy constrain the rating.