June 06, 2024 07:37 GMT
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).
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