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S&P shifts Ellevio view to stable
S&P said it revised the outlook on Ellevio AB’s debt to stable from negative and affirmed the BBB issue rating on the class A debt and the BB+ issue rating on the class B debt.
The outlook change follows the Swedish parliament passing legislation letting distribution system operators carry forward under-recovered amounts for investments from regulatory periods 1 (2012-2015) and 2 (2016-2019) to the current one (2020-2023) and the following period under certain conditions, the agency said.
The outlook reflects the expectation Ellevio’s EBITDA and FFO will continue increasing, driven by a forecast that the weighted-average cost of capital will not be below 2.35% for the current regulatory period.
S&P said it sees Ellevio's funds from operations to debt at 6%-8% and debt to EBITDA below 10x for its senior debt over 2021-2022.
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