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S&P upgrades Austria's Verbund, citing higher power prices, ongoing deleveraging

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S&P upgrades Austria's Verbund, citing higher power prices, ongoing deleveraging

S&P Global Ratings on Dec. 13 raised the long-term issuer credit and senior unsecured debt ratings of Austrian utility Verbund AG to A from A-. The outlook is stable.

"The upgrade is primarily the result of Verbund's ongoing deleveraging supported by improved realized power prices and cost measures," the rating agency wrote in a research update.

Ratings does not expect Verbund to make any large-scale strategic investments, after the utility on Nov. 29 withdrew its bid to acquire EDP - Energias de Portugal SA's 2-GW portfolio of hydro assets in Iberia, a deal valued at about €2 billion.

The rating agency expects Verbund's adjusted debt to be about €1.7 billion in 2019, compared with €2.2 billion at year-end 2018.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.