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CREDIT RATING: Gasunie (NEGANV A2/AA-/NR): Moody’s Downgrade

CREDIT RATING
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  • Moody’s downgraded Gasunie by one notch to A2 after the close on Friday.
  • Outlook remains stable.
  • Increased investment plans due to LNG terminal builds have added €6.6bn to the Vision 2030 spending plan. These are unregulated activities and higher risk.
  • Historical returns in excess of allowed regulatory revenues have to be returned in 2024/25 via lower tariffs, weaking debt metrics for that period.
  • Regulated revenues comfortably above 80% and FFO/ND above 20% would be required to enable an upgrade.
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  • Moody’s downgraded Gasunie by one notch to A2 after the close on Friday.
  • Outlook remains stable.
  • Increased investment plans due to LNG terminal builds have added €6.6bn to the Vision 2030 spending plan. These are unregulated activities and higher risk.
  • Historical returns in excess of allowed regulatory revenues have to be returned in 2024/25 via lower tariffs, weaking debt metrics for that period.
  • Regulated revenues comfortably above 80% and FFO/ND above 20% would be required to enable an upgrade.