May 23, 2024 07:07 GMT
National Grid (Baa2/BBB+/BBB-): Ambitious Investment Plan
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Credit BulletsBulletHomepagemarkets-real-timeCreditUKBank Of England (BOE) Market NewsNational Grid (NG.) Market News
• £60bn 5-year investment plan announced, almost double the level of the previous period.
• UK LNG and US onshore renewables businesses to be sold.
• £7bn rights issue announced.
• Credit metrics are guided to remain consistent with the current rating.
• Current net debt / RAV is 79%. Equity raise covers 12% of investment, assuming some net issuance of hybrids and debt funding timing skewed later (equity upfront) seems broadly consistent.
• Clearly we will see heavy supply from the issuer going forward.
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