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Fitch rates Innogy IDR BBB+, debt A-
Fitch Ratings said it assigned innogy SE an expected long-term issuer default rating of BBB+(EXP) with a stable outlook and a short-term issuer default rating of F2(EXP).
The agency also assigned a senior unsecured rating of A-(EXP).
Fitch said the assigned ratings reflect innogy's strong business profile, with the majority of earnings from regulated networks, as well as a large proportion of quasi-regulated earnings from renewables generation.
The agency forecasts funds from operations (FFO) adjusted net leverage of 4.2 times for 2016-2019 and slightly negative free cash flow (FCF), which compares well with similarly rated peers.
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