Fitch affirms Engie

Fitch Ratings said it affirmed Engie SA's long-term foreign-currency issuer default rating at A, senior unsecured rating at A and short-term issuer default rating at F1.

The agency also affirmed the group's subordinated notes at BBB+.

In addition, the long-term issuer default ratings of subsidiaries Electrabel SA and Engie Invest International SA were affirmed at A.

Engie Alliance GIE's senior unsecured rating was affirmed at A.

The outlooks are stable.

“The ratings reflect Engie's scale, diversification and low carbon footprint with a business profile, which we regard as one of the strongest of European utilities,” Fitch said in a news release.

“The ratings are based on Engie's consolidated profile, reflecting a conservative financial policy, including a target net debt/EBITDA of up to 2.5x.”

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