DBRS confirms Enwin Utilities

DBRS said it confirmed the issuer rating of Enwin Utilities Ltd. at A (low) with a stable trend.

The confirmation reflects Enwin's strong financial profile and low business risk profile, which stems from its stable regulated electricity distribution operations and good record of operational efficiency, according to the agency.

Enwin's rating has been supported by its strong financial profile, reflecting a low-leverage balance sheet and very strong interest coverage and cash flow ratios for the current rating category, the agency said.

The company's low business risk profile is underpinned by a stable regulatory framework, the agency noted.

Despite these strengths, Enwin has significant exposure to large industrial customers, particularly in the auto sector but the impact of the 2008 economic downturn and the restructuring of the auto sector were manageable, according to the agency.

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