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Fitch publishes Engie's ratings

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According to Market Intelligence, December 2022

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Fitch publishes Engie's ratings

Fitch Ratings published Engie's long-term foreign-currency issuer default rating of A, with a stable outlook.

The rating agency also assigned Engie a senior unsecured rating of A, a short-term issuer default rating and commercial paper rating of F1, and a BBB+ rating for its subordinated notes.

Engie's ratings reflect its scale and diversification, which have helped limit the impact of commodity price weakness, Fitch said, citing the €23.7 billion regulatory asset base of the French gas and electric utility firm, and its 74% share of the residential gas market in France.

The ratings also reflect Engie's conservative financial approach based on a net debt/EBITDA target of up to 2.5x, which is achievable and consistent with the rating, Fitch added.

Fitch also assigned a long-term issuer default rating of A for Engie's subsidiaries, Electrabel SA and Engie Invest International SA. A senior unsecured rating of A was also assigned for Engie Alliance GIE.