UK Energy Security Strategy & Cadent Financial Overview
Solid investment grade credit ratings provided
by the 3 major rating agencies
Business highlights
Stable highly regulated environment
Cadent creditor protection
70% Net Debt / RAV default covenant
☆
Predictable inflation linked cash flows
Regulatory requirement to maintain Investment Grade
credit rating
D
☆
Revenue insulated from volume and commodity risk
Leverage and interest cover ratio tests applying to
consolidated group debt
色
Payments come from gas shippers, not the end customer - no
consumer bad debt risk
Limitations on group additional indebtedness, debt maturity and interest rate
risk apply on consolidated basis to Cadent where most of the debt resides
MOODY'S
Baa1 (Stable)
Corporate Credit Ratings
Fitch Ratings
BBB+ (Sta)
(Issuer Default Rating)
S&P Global
Ratings
Opco: BBB+ (Stable)
Midco: BBB+ (Stable)
茴
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