Free Trial

EDF (Baa1/BBB Pos/BBB+): S&P Outlook Positive

UTILITIES

Not expecting much spread impact here, S&P are one notch below the other 2 agencies


  • EDF affirmed at BBB, outlook to positive from stable.
  • Potential for a one notch upgrade “over the next couple of years”.
  • Reflects EDF’s success in addressing nuclear issues, with expected generation supporting €25-35bn EBITDA from 2024.
  • Sees FCF close to breakeven, FFO/debt 20-30%, debt broadly stable, leverage comfortably below 4x target.
  • Expects hybrid capital not to fall below €10bn (currently €10.75bn excluding the 4% call announced yesterday).

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.