VISION 2050 - Fluvius path to climate neutrality
Creditreform's Corporate Rating of Fluvius
A+ (negative)
Credit positives:
.
government-related company, 100% public shareholders
⚫ strategic importance for Flemish Region.
low business risk profile of DSOs with legally based regional monopoly in
E&G distribution
stable and predictable cash flows from regulated and contractual activities
overall steady business performance in 2020
•
•
Measures to mitigate negative impact of tariff methodology 2021-2024
proven access to capital markets
Rating history:
•
18 Jan 2017 - 27 Oct 2020:
as from 27 Oct 2020:
A+ stable
A+ negative
Creditreform Corporate Issuer / Issue Rating
Fluvius System Operator CV
Credit negatives:
expected significant decline in revenues and cash-flows from 2021 due to
VREG tariff methodology 2021-2024 E&G
decrease in WACC and remuneration base
Increased investment needs, high fixed costs
Analysts
fluvius
Creditreform C
Rating
Natallia Berthold
Lead Analyst
[email protected]
Rudger van Mook
Co-Analyst
[email protected]
28 October 2021 - Neuss, Germany
Rating Action / Update:
Creditreform Rating has affirmed the solicited corporate issuer
rating of Fluvius System Operator CV, at A+ with negative outlook.
Creditreform Rating (CRA) has affirmed the solicited corporate issuer rating of Fluvius System
Operator CV, as well as the solicited corporate issue rating of the long-term local currency senior
unsecured issues, at A+ with negative outlook.
For more information about our rating assessment of Fluvius System Operator CV, especially
with regard to its earlier development and structural, business, and financial risks, please refer
to our full rating report and update report, published on 26 July 2019 and on 27 October 2020
respectively, which can be found on our website under published ratings.
Fluvius System Operator CV (hereinafter also 'the Company. 'FSO' or 'Fluvius') is the multi-utility
network operator in Flanders, Belgium. The Company was founded on 1 July 2018 through the
merger of the former operating companies Eandis System Operator CVBA and Infrax CVBA, and
is responsible for the distribution of electricity, gas, sewerage, cables, and heat. FSO, its
consolidated subsidiaries, and the Mission Entrusted Associations (MEA's) together form the
Economic Group Fluvius (hereinafter also 'the Group' or 'EGF).
Fluvius System Operator CV operates on a cost-price basis on behalf of the MEA's, which are the
network owners, and given the fact that they provide guarantees for debt obligations of FSO, we
have considered the Group as a whole in order to assess the creditworthiness of FSO.
from: Creditreform Rating Action - Update
(28 October 2021)
Neuss, Germany
June 2022.
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