S&P rates EEW Energy, notes BBB

S&P said it rated EEW Energy from Waste GmbH and its planned €400 million of green notes BBB.

“EEW's business benefits from a high share of medium-term contracts, which we view as supportive of the company's earnings profile. These contracts last eight years on average for municipal waste, 20 years for plants that EEW manages under operatorship agreements, and from four to five years on average for commercial and industrial (C&I) waste,” S&P said in a press release.

The outlook is stable. The outlook reflects a forecast EEW will post FFO to debt consistently above 30% in 2021-2022.

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