Fitch affirms Electricity North West

Fitch Ratings said it affirmed Electricity North West Ltd.'s long-term issuer default rating at BBB+, senior unsecured rating at A- and short-term issuer default rating at F2.

The agency also affirmed North West Electricity Networks plc's long-term issuer default rating at BBB and its senior secured rating at BBB+.

The outlooks are stable.

“The affirmations and stable outlooks reflect adequate financial metrics during the price control period from April 2015 to March 2023 (RIIO-ED1) for both ENW and NWEN,” the agency said in a news release.

“The ratings also take into account ENW's steady operational and regulatory performance, which is expected to generate moderate financial rewards during the current price control period, underperformance on the cost of debt and taxes, as well as secured nature of the group's covenanted financing structure.”

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