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Issuer Ranking: EMEA Utilities Issuers Ranked Strongest To Weakest

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Issuer Ranking: EMEA Utilities Issuers Ranked Strongest To Weakest

The following lists rank the European utilities that S&P Global Ratings rates, from strongest to weakest. We rank companies, in turn, by the rating, outlook, stand-alone credit profile (SACP), and business and financial risk profile. Companies are then listed in alphabetical order, if not distinguished by these factors.

In line with our corporate rating methodology, the final rating may differ from the SACP, where group, government, or rating above the sovereign considerations apply. Where the SACP differs from the anchor, as it does for about one-third of the ratings, we have applied one or more modifiers, which may include that for liquidity. The anchor and active modifiers of each company are included in the tables below but do not influence the ranking.

The utilities sector includes integrated power companies (with networks, generation, and supply), pure network operators (gas and power transmission and distribution networks, as well as water utilities), and power generators. Networks operate under regulatory frameworks, which generally provide cash flow stability (industry risk: 1; very low). Generation and supply activities are unregulated, dependent upon volatile commodity markets, and subject to massive transformation in the context of energy transition (industry risk: 4; moderately high).

For our sector outlooks and analysis, please refer to the Related Research section below.

Chart 1

image

We see the following key drivers for the sector amid COVID-19:

Resilience is showing.   European utilities are showing solid credit resilience amid COVID-19: we have downgraded only 3% of our rated portfolio since March, while in total 25% have a negative outlook or are on CreditWatch negative.

De-risking.   Regulated networks and long-term contracted renewables, which represent a growing proportion of utilities' core businesses, continue to offer solid growth prospects.

Weaker power prices and demand.   We expect some weakening in earnings for power generators given that power prices are hit by low commodity prices and weak demand.

Sustained investments.   We anticipate ongoing strong new investment by utilities over the next two-to-three years, while past investments will yield additional cash flows over 2021-2023 as projects are commissioned.

For more information, please read our "Industry Top Trends Update: EMEA Utilities," published on July 16.

Chart 2

image

Issuer Ranking Lists

Table 1

Diversified Utilities: Strongest To Weakest
Issuer Long-term issuer credit rating Outlook Country Business risk profile Financial risk profile Volatility table Modifiers Management & governance SACP Likelihood of government support Primary analyst

KELAG

A Stable Austria Strong Modest Medial Satisfactory a Leal, Gerardo

Verbund AG

A Stable Austria Strong Modest Standard Financial Policy (-1 notch) Satisfactory a- Moderate (+1 notch) Schurich, Bjoern

Energie AG Oberoesterreich

A Stable Austria Strong Intermediate Medial Positive CRA (+1 notch) Satisfactory a- Moderate (+1 notch) Schurich, Bjoern

Energie Steiermark AG

A Stable Austria Strong Intermediate Medial Satisfactory a- Moderate (+1 notch) Leal, Gerardo

Wiener Stadtwerke GmbH

A Stable Austria Strong Significant Medial Fair bbb High (+3 notches) Schurich, Bjoern

EVN AG

A Negative Austria Satisfactory Modest Medial Positive CRA (+1 notch) Satisfactory a- Moderate (+1 notch) Schurich, Bjoern

Electricity Supply Board

A- Stable Ireland Strong Significant Medial Positive CRA (+1 notch) Satisfactory bbb+ Moderately High (+1 notch) Cantabrana Fernandez, Gonzalo

EnBW Energie Baden-Wuerttemberg AG

A- Stable Germany Strong Significant Medial Positive CRA (+1 notch) Satisfactory bbb+ Moderate (+1 notch) Gottliebova, Renata

N.V. Eneco Beheer

A- Stable Netherlands Satisfactory Modest Standard Satisfactory bbb+ Leal, Gerardo

Saudi Electric Co.

A- Stable Saudi Arabia Fair Aggressive Standard Fair bb- Almost Certain (+6 notches) Jagtiani, Sapna

CEZ a.s.

A- Negative Czech Republic Strong Significant Standard Satisfactory bbb Moderately High (+2 notches) Cantabrana Fernandez, Gonzalo

Enel SpA

BBB+ Stable Italy Strong Significant Medial Positive CRA (+1 notch) Strong bbb+ Moderate (no impact) Schiavo, Massimo

ENGIE SA

BBB+ Stable France Strong Significant Medial Positive CRA (+1 notch) Satisfactory bbb+ Low (no impact) Mauduit-Le Clercq, Claire

Iberdrola S.A.

BBB+ Stable Spain Strong Significant Medial Positive CRA (+1 notch) Strong bbb+ Cantabrana Fernandez, Gonzalo

Scottish Power Ltd.

BBB+ Stable United Kingdom Strong Significant Medial Positive CRA (+1 notch) Satisfactory bbb+ Bernu, Julien

SSE PLC

BBB+ Stable United Kingdom Strong Significant Medial Positive CRA (+1 notch) Satisfactory bbb+ Benjamin, Matan

Vattenfall AB

BBB+ Stable Sweden Strong Significant Standard Satisfactory bbb Moderate (+1 notch) Karlsson, Per

Kraftringen Energi AB (publ)

BBB+ Stable Sweden Satisfactory Intermediate Medial Negative CRA (-1 notch) Fair bbb- High (+2 notches) Annas, Daniel

Electricite de France S.A.

BBB+ Stable France Satisfactory Significant Medial Negative CRA (-1 notch) Fair bb+ High (+3 notches) Mauduit-Le Clercq, Claire

Ignitis Group UAB

BBB+ Negative Lithuania Satisfactory Intermediate Medial Satisfactory bbb Moderately High (+1 notch) Gottliebova, Renata

Hera SpA

BBB Positive Italy Strong Significant Medial Satisfactory bbb Schiavo, Massimo

E.ON SE

BBB Stable Germany Strong Significant Medial Satisfactory bbb Schurich, Bjoern

EP Infrastructure

BBB Stable Czech Republic Strong Significant Medial Satisfactory bbb Gottliebova, Renata

innogy

BBB Stable Germany Strong Significant Medial Satisfactory bbb Schurich, Bjoern

Naturgy Energy Group S.A.

BBB Stable Spain Strong Significant Medial Fair bbb Cantabrana Fernandez, Gonzalo

Veolia Environnement S.A.

BBB Stable France Strong Significant Standard Satisfactory bbb Schiavo, Massimo

Centrica PLC

BBB Stable United Kingdom Satisfactory Intermediate Standard Satisfactory bbb Benjamin, Matan

A2A SpA

BBB Stable Italy Satisfactory Significant Medial Positive CRA (+1 notch) Satisfactory bbb Low (no impact) Schiavo, Massimo

Uniper SE

BBB Negative Germany Satisfactory Modest Standard Negative CRA (-1 notch) Satisfactory bbb Schurich, Bjoern

Fortum Oyj

BBB Negative Finland Satisfactory Intermediate Standard Fair bbb- Moderate (+1 notch) Schiavo, Massimo

EDP - Energias de Portugal S.A.

BBB- Stable Portugal Strong Aggressive Standard Positive CRA (+1 notch) Satisfactory bbb- Schiavo, Massimo

Edison SpA

BBB- Stable Italy Satisfactory Intermediate Standard Satisfactory bbb- Pasquier, Pauline

Eesti Energia AS

BBB- Stable Estonia Satisfactory Significant Standard Negative CRA (-1 notch) Satisfactory bb Moderately High (+2 notches) Gottliebova, Renata

Hrvatska Elektroprivreda d.d.

BB+ Stable Croatia Fair Intermediate Standard Fair bb+ High (no impact) Leal, Gerardo

Zagrebacki Holding d.o.o.

B+ WatchNeg Croatia Weak Highly Leveraged Standard Negative CRA (-1 notch) Fair b- Very High (+2 notches) Gottliebova, Renata

Public Power Corp. S.A.

B- Stable Greece Vulnerable Highly Leveraged Standard Weak (-1 notch) ccc+ Moderate (+1 notch) Cantabrana Fernandez, Gonzalo

ESKOM Holdings SOC Ltd.

CCC+ Stable South Africa Weak Highly Leveraged Standard Weak (-1 notch) ccc- High (+2 notches) Collocott, Omega M
SACP--Stand-alone credit profile.

Table 2

Distribution System Operators (DSOs): Strongest To Weakest
Issuer Long-term issuer credit rating Outlook Country Business risk profile Financial risk profile Volatility table Modifiers Management & governance SACP Likelihood of government support Primary analyst

Alliander N.V.

AA- Stable Netherlands Excellent Modest Low Negative CRA (-1 notch) Satisfactory aa- Leal, Gerardo

Enexis Holding N.V.

A+ Stable Netherlands Excellent Intermediate Low Satisfactory a+ Leal, Gerardo

Northern Powergrid (Yorkshire) PLC

A Stable United Kingdom Excellent Intermediate Low Negative CRA (-1 notch) Satisfactory a Bernu, Julien

Gas Networks Ireland

A Stable Ireland Excellent Intermediate Low Financial Policy (-1 notch) Satisfactory a- High (+1 notch) Gottliebova, Renata

London Power Networks PLC

A- Stable United Kingdom Excellent Intermediate Low Financial Policy (-1 notch) Satisfactory a- Bernu, Julien

Stedin Holding N.V.

A- Stable Netherlands Excellent Significant Low Satisfactory a- Leal, Gerardo

Western Power Distribution PLC

A- Stable United Kingdom Excellent Significant Low Satisfactory a- Bernu, Julien

Zapadoslovenska energetika a.s.

A- Stable Slovak Republic Strong Intermediate Medial Satisfactory a- Moderately High (no impact) Schurich, Bjoern

Wales & West Utilities Finance PLC Class A

A- Negative United Kingdom Excellent Aggressive Low Positive CRA (+1 notch) Satisfactory bbb+ SED +1 Bernu, Julien

Northern Ireland Electricity Networks Ltd.

BBB+ Stable United Kingdom Excellent Significant Low Satisfactory a- Rydevik, Gustav B

Cadent Gas Ltd.

BBB+ Stable United Kingdom Excellent Significant Low Negative CRA (-1 notch) Satisfactory bbb+ Rydevik, Gustav B

Electricity North West Ltd.

BBB+ Stable United Kingdom Excellent Significant Low Negative CRA (-1 notch) Satisfactory bbb+ Benjamin, Matan

Northern Gas Networks Ltd.

BBB+ Stable United Kingdom Excellent Significant Low Financial Policy (-1 notch) Satisfactory bbb+ Bernu, Julien

South Eastern Power Networks plc

BBB+ Stable United Kingdom Excellent Significant Low Financial Policy (-1 notch) Satisfactory bbb+ Bernu, Julien

Caruna Networks Oy

BBB+ Stable Finland Excellent Aggressive Low Positive CRA (+1 notch) Satisfactory bbb+ Annas, Daniel

Elenia Verkko Oyj

BBB+ Stable Finland Excellent Aggressive Low Satisfactory bbb SED +1 Annas, Daniel

UK Power Networks Services Holdings Ltd.

BBB+ Stable United Kingdom Strong Significant Standard Satisfactory bbb Bernu, Julien

Scotland Gas Networks PLC

BBB+ Negative United Kingdom Excellent Significant Low Negative CRA (-1 notch) Satisfactory bbb+ Rydevik, Gustav B

2i Rete Gas

BBB Stable Italy Excellent Aggressive Low Satisfactory bbb Pasquier, Pauline

Wales & West Utilities Finance PLC Class B

BBB Negative United Kingdom Excellent Aggressive Low Satisfactory bbb Bernu, Julien

Ellevio AB Class A

BBB Negative Sweden Excellent Aggressive Low Negative CRA (-1 notch) Satisfactory bbb- SED +1 Annas, Daniel

Madrilena Red de Gas, S.A.U.

BBB WatchNeg Spain Excellent Aggressive Medial Fair bbb Leal, Gerardo

NorteGas Energia Distribucion, S.A.U.

BBB- Stable Spain Excellent Aggressive Medial Negative CRA (-1 notch) Fair bbb Leal, Gerardo

Galp Gas Natural Distribuicao, S.A.

BBB- Stable Portugal Excellent Aggressive Medial Negative CRA (-1 notch) Fair bbb- Cantabrana Fernandez, Gonzalo

Redexis Gas, S.A.

BBB- Stable Spain Excellent Aggressive Medial Negative CRA (-1 notch) Satisfactory bbb- Leal, Gerardo

Viesgo Holdco S.A.U.

BBB- Stable Spain Strong Aggressive Medial Positive CRA (+1 notch) Fair bbb- Cantabrana Fernandez, Gonzalo

Rosseti PJSC

BBB- Stable Russia Fair Significant Standard Satisfactory bb High (+2 notches) Anankina, CFA, Elena

Interregional Distribution Grid Company of Centre PJSC

BB+ Stable Russia Fair Significant Standard Fair bb Moderate (no impact) Moderately Strategic in the group (+1 notch) Brusinets, Anna

Moscow United Electric Grid Co. PJSC

BB+ Stable Russia Fair Significant Standard Fair bb Moderate (no impact) Moderately Strategic in the group (+1 notch) Brusinets, Anna

Kazakhstan Electricity Grid Operating Co. (JSC)

BB+ Stable Kazakhstan Weak Significant Standard Fair bb- High (+2 notches) Gorin, Sergei

Ellevio AB Class B

BB+ Negative Sweden Excellent Highly Leveraged Low Negative CRA (-1 notch) Satisfactory bb+ Annas, Daniel

Enemalta PLC

BB- Negative Malta Weak Highly Leveraged Standard Fair b- High (+3 notches) Pasquier, Pauline

ENERGO-PRO a.s.

B+ Negative Czech Republic Weak Aggressive Standard Fair b+ Gottliebova, Renata

Natsionalna Elektricheska Kompania EAD

B+ Negative Bulgaria Weak Highly Leveraged Standard Weak (-1 notch) b- Gottliebova, Renata
SACP--Stand-alone credit profile.

Table 3

Transmission System Operators (TSOs): Strongest To Weakest
Issuer Long-term issuer credit rating Outlook Country Business risk profile Financial risk profile Volatility table Modifiers Management & governance SACP Likelihood of government support Primary analyst

Fingrid Oyj

AA- Stable Finland Excellent Intermediate Low Satisfactory a+ High (+1 notch) Annas, Daniel

N.V. Nederlandse Gasunie

AA- Stable Netherlands Excellent Intermediate Low Satisfactory a High (+2 notches) Schurich, Bjoern

Statnett SF

A+ Stable Norway Excellent Aggressive Low Satisfactory bbb Very High (+4 notches) Annas, Daniel

RTE Reseau de Transport d Electricite

A Stable France Excellent Significant Low Negative CRA (-1 notch) Satisfactory bbb+ High (+2 notches) Mauduit-Le Clercq, Claire

National Grid PLC

A- Stable United Kingdom Excellent Significant Medial Satisfactory a- Benjamin, Matan

Red Electrica Corporacion S.A.

A- Stable Spain Excellent Significant Medial Satisfactory a- Moderate (no impact) Cantabrana Fernandez, Gonzalo

Vier Gas Transport GmbH

A- Stable Germany Excellent Significant Low Satisfactory a- Leal, Gerardo

Coentreprise de Transport d'Electricite

A- Stable France Excellent Significant Low Negative CRA (-1 notch) Satisfactory bbb+ Moderate (+1 notch) Mauduit-Le Clercq, Claire

TenneT Holding B.V.

A- Stable Netherlands Excellent Aggressive Low Fair bbb Moderately High (+2 notches) Schurich, Bjoern

Eurogrid GmbH

BBB+ Stable Germany Excellent Significant Low Financial Policy (-1 notch) Satisfactory bbb+ Schurich, Bjoern

Elia Group SA/NV

BBB+ Stable Belgium Excellent Aggressive Low Positive CRA (+1 notch) Satisfactory bbb+ Schurich, Bjoern

Enagas S.A.

BBB+ Stable Spain Strong Significant Medial Positive CRA (+1 notch) Satisfactory bbb+ Moderate (no impact) Cantabrana Fernandez, Gonzalo

SNAM SpA

BBB+ Negative Italy Excellent Significant Low Satisfactory a- Moderately High (no impact) Capped +1 vs Italy (-1 notch) Annas, Daniel

Terna SpA

BBB+ Negative Italy Excellent Significant Low Satisfactory a- Moderately (no impact) Capped +1 vs Italy (-1 notch) Schiavo, Massimo

REN-Redes Energeticas Nacionais SGPS S.A.

BBB Stable Portugal Excellent Aggressive Medial Satisfactory bbb Cantabrana Fernandez, Gonzalo

Federal Grid Co. of the Unified Energy System

BBB- Stable Russia Fair Intermediate Standard Satisfactory bb+ High (no impact) Core in the group (+1 notch) Anankina, CFA, Elena

Azerenerji JSC

BB Stable Azerbaijan Weak Highly Leveraged Standard Capital Structure (-1 notch) Fair b- Extermely High (+4 notches) Gorin, Sergei

KazTransOil

BB Negative Kazakhstan Fair Minimal Standard Financial Policy (-1 notch) Fair bb+ High (no impact) Strategically important (-1 notch) Gorin, Sergei

KazTransGas

BB Negative Kazakhstan Fair Significant Standard Fair bb Moderately High (no impact) Strategically important (no impact) Gorin, Sergei

Oman Electricity Transmission Co.

BB- Negative Oman Strong Aggressive Medial Less than Adequate Liquidity (-1 notch) Fair bb High (no impact) Capped at sovereign level (-1 notch) Jagtiani, Sapna
SACP--Stand-alone credit profile.

Table 4

Generators: Strongest To Weakest
Issuer Long-term issuer credit rating Outlook Country Business risk profile Financial risk profile Volatility table Modifiers Management & governance SACP Likelihood of government support Primary analyst

Tekniska verken i Linkoping AB

A+ Stable Sweden Satisfactory Modest Medial Satisfactory bbb+ High (+3 notches) Annas, Daniel

Statkraft SF

A- Stable Norway Strong Significant Standard Satisfactory bbb Moderately High (+2 notches) Annas, Daniel

Stockholm Exergi Holding AB (publ)

BBB+ Stable Sweden Strong Significant Medial Satisfactory bbb Moderate (+1 notch) Annas, Daniel

Orsted A/S

BBB+ Stable Denmark Satisfactory Intermediate Standard Strong bbb Moderate (+1 notch) Schiavo, Massimo

Landsvirkjun

BBB Positive Iceland Fair Aggressive Standard Satisfactory bb- Very High (+4 notches) Annas, Daniel

Israel Electric Corp. Ltd.

BBB Stable Israel Satisfactory Aggressive Medial Negative CRA (-1 notch) Fair bb- Very High (+4 notches) Benjamin, Matan

Atomic Energy Power Corp. JSC

BBB- Stable Russia Fair Minimal Standard Financial Policy (-1 notch) Fair bbb- Very High (no impact) Gorin, Sergei

Mosenergo PJSC

BBB- Stable Russia Fair Minimal Standard Fair bbb- Gorin, Sergei

TGC-1 PJSC

BBB- Stable Russia Fair Modest Standard Fair bbb- Anankina, CFA, Elena

RusHydro PJSC

BBB- Stable Russia Fair Intermediate Standard Fair bb+ High (+1 notch) Gorin, Sergei

Drax Power Ltd.

BB+ Stable United Kingdom Fair Intermediate Standard Satisfactory bb+ Bernu, Julien

PZEM N.V.

BB Stable Netherlands Vulnerable Minimal Standard Positive CRA (+1 notch) Fair bb Leal, Gerardo

Holding Slovenske elektrarne d.o.o

BB Stable Slovenia Weak Highly Leveraged Standard Positive CRA (+1 notch) Fair b+ Moderately High (+2 notches) Annas, Daniel

Teollisuuden Voima Oyj

BB Negative Finland Strong Highly Leveraged Standard Fair bb Annas, Daniel

Georgian Oil and Gas Corp. JSC

BB- WatchNeg Georgia Weak Aggressive Standard Fair b+ Very High (no impact) Gorin, Sergei

InterGen N.V.

B+ Stable United Kingdom Weak Aggressive Standard Fair b+ Bernu, Julien

DTEK Renewables B.V.

B- WatchNeg Netherlands Weak Highly Leveraged Standard Negative CRA (-1 notch) Fair b- Gottliebova, Renata
SACP--Stand-alone credit profile.

Table 5

Water Utilities: Strongest To Weakest
Issuer Long-term issuer credit rating Outlook Country Business risk profile Financial risk profile Volatility table Modifiers Management & governance SACP Likelihood of government support Primary analyst

Wasser und Gas Westfalen GmbH

A- Stable Germany Strong Intermediate Medial Satisfactory a- Leal, Gerardo

Dwr Cymru (Financing) Ltd. Class A

A- Stable United Kingdom Excellent Aggressive Low Positive CRA (+1 notch) Satisfactory bbb+ SED +1 Bernu, Julien

Yorkshire Water Finance PLC Class A

A- Negative United Kingdom Excellent Aggressive Low Positive CRA (+1 notch) Satisfactory bbb+ SED +1 Bernu, Julien

Anglian Water Services Financing PLC Class A

A- WatchNeg United Kingdom Excellent Aggressive Low Positive CRA (+1 notch) Satisfactory bbb+ SED +1 Bernu, Julien

Affinity Water Finance PLC Class A

BBB+ Stable United Kingdom Excellent Aggressive Low Satisfactory bbb SED +1 Rydevik, Gustav B

Hafren Dyfrdwy Ltd

BBB+ Stable United Kingdom Excellent Aggressive Low Satisfactory bbb Rydevik, Gustav B

South Staffordshire Water PLC

BBB+ Negative United Kingdom Excellent Aggressive Medial Positive CRA (+1 notch) Satisfactory bbb+ Bernu, Julien

Southern Water Services (Finance) Ltd. Class A

BBB+ Negative United Kingdom Excellent Aggressive Low Fair bbb SED +1 Rydevik, Gustav B

Thames Water Utilities Finance PLC Class A

BBB+ Negative United Kingdom Excellent Highly Leveraged Low Positive CRA (+1 notch) Fair bbb SED +1 Benjamin, Matan

Northumbrian Water Ltd.

BBB+ WatchNeg United Kingdom Excellent Significant Low Negative CRA (-1 notch) Satisfactory bbb+ Bernu, Julien

Severn Trent PLC

BBB Stable United Kingdom Excellent Significant Low Negative CRA (-1 notch) Satisfactory bbb+ Rydevik, Gustav B

United Utilities PLC

BBB Stable United Kingdom Excellent Significant Low Negative CRA (-1 notch) Satisfactory bbb+ Benjamin, Matan

Dwr Cymru (Financing) Ltd. Class B

BBB Stable United Kingdom Excellent Aggressive Low Positive CRA (+1 notch) Satisfactory bbb+ SED -1 Bernu, Julien

Sutton and East Surrey Water PLC

BBB Stable United Kingdom Excellent Aggressive Low Satisfactory bbb Tiutiunnikov, Ivan

South East Water (Finance) Ltd. Class A

BBB Stable United Kingdom Excellent Highly Leveraged Low Fair bbb- SED +1 Tiutiunnikov, Ivan

MM SpA

BBB Negative Italy Strong Intermediate Low Fair bbb+ Extremely High (no impact) Capped at sovereign (-1 notch) Pasquier, Pauline

Portsmouth Water Ltd.

BBB Negative United Kingdom Excellent Aggressive Low Satisfactory bbb Rydevik, Gustav B

Yorkshire Water Finance PLC Class B

BBB Negative United Kingdom Excellent Aggressive Low Satisfactory bbb Bernu, Julien

Anglian Water Services Financing PLC Class B

BBB WatchNeg United Kingdom Excellent Aggressive Low Satisfactory bbb Bernu, Julien

Societa Metropolitana Acque Torino SpA

BBB- Positive Italy Strong Modest Low Negative CRA (-1 notch) Fair (-1 notch) bbb+ Low (no impact) Pasquier, Pauline

Affinity Water Finance PLC Class B

BBB- Stable United Kingdom Excellent Aggressive Low Negative CRA (-1 notch) Satisfactory bbb- Rydevik, Gustav B

Mosvodokanal JSC

BBB- Stable Russia Fair Modest Standard Fair bbb- Very High (no impact) Gorin, Sergei

Southern Water Services (Finance) Ltd. Class B

BBB- Negative United Kingdom Excellent Aggressive Low Fair bbb SED -1 Rydevik, Gustav B

Thames Water Utilities Finance PLC Class B

BBB- Negative United Kingdom Excellent Highly Leveraged Low Fair bbb- Benjamin, Matan

Vodokanal St. Petersburg

BB+ Stable Russia Weak Modest Standard Financial Policy (-1 notch) Fair bb Very High (+1 notch) Gorin, Sergei

Rand Water

BB- Stable South Africa Fair Intermediate Standard Negative CRA (-1 notch) Satisfactory bb Almost Certain (-1 notch) Chawana, Munya

Georgia Global Utilities JSC

B Positive Georgia Weak Aggressive Standard Negative CRA (-1 notch) Fair b Gottliebova, Renata
SACP--Stand-alone credit profile.

Related Research

This report does not constitute a rating action.

Primary Credit Analyst:Pierre Georges, Paris (33) 1-4420-6735;
pierre.georges@spglobal.com

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