Our ratings

Rating agency Rating Outlook Short-term rating Date
Scope Ratings BBB+ stable S-2 June 13, 2017
S&P Global Ratings* BBB- positive Jan. 18, 2018

* S&P GR, an affiliate of Standard & Poor's Financial Services LLC
** Rating corresponds to the long-term issuer credit rating


Current rating by S&P

Uniper received a long-term issuer credit rating from the rating agency S&P Global Ratings of ‘BBB-’. The outlook was lifted to positive in April 2017 and affirmed in September 2017 and January 2018. Thereby, Uniper is regarded as a company with an investment grade rating on the back of solid financials.

The positive outlook reflects S&P’s expectation of a substantial strengthening of Uniper’s economic net debt and correspondingly the relevant rating ratios after the sale of the Russian gas-field Yuzhno Russkoye as long as the financial policy is not negatively altered by the new shareholders.

Uniper has been rated by S&P since May 2016 when it received a BBB- rating with stable outlook. In the mid-term, Uniper strives for a comfortable investment grade rating.


Current rating by Scope

Uniper received a long-term corporate rating from Scope Ratings of ‘BBB+’. The outlook is stable. Thereby, Uniper is regarded as a company with an investment grade rating. Scope’s rating assessment reflects the agency’s view on Uniper’s diversified business mix and strong financial risk profile in particular following the sale of Uniper’s participation in the Russian gas-field Yuzhno Russkoye, which is expected to be closed by the end of this year.

In June 2017, Uniper was the first large European energy company to receive a rating from Scope. The rating agency has so far rated several DAX companies.

On ratings

The aim of a rating is to ensure transparency and comparability of credit risk for investors and creditors. A company’s overall creditworthiness and solvency are condensed into a credit rating. A rating agency estimates the credit rating of issuers and emitted financial products (issues). These credit ratings are then made comparable on a universal scale across asset classes.

Rating agencies apply different but generally comparable notations for their ratings.

Usually, a higher rating of a debtor is associated with better credit terms, which means that lower interest payments have to be made

„Investment grade” ratings commonly refer to companies with very good credit ratings. This class of rated companies is especially important for institutional investors such as pension funds and insurance companies that are often obliged to invest in financial products with at least an investment grade rating.

In S&P’s rating notation, an investment grade rating is indicated by rating grades AAA, AA, A and BBB. These ratings can be further modified by a plus- or minus suffix. Hence, the lowest investment grade rating is “BBB-“. In addition to the rating, agencies note whether they regard the rating as stable over the coming year (outlook).

Solicited ratings

Within the framework of the rating process, regular, usually once-a-year in-depth talks with the company are conducted during which official information as well as internal strategy and planning details are collected by the rating agency. Accordingly, a comprehensive credit rating is solicited based on all these information (solicited rating).

The credit rating consists of quantitative and qualitative factors including market shares by segment and the company’s competitive position. The rating agency publishes the final rating score which condenses all official and private information gained during the rating process. The publications of the rating score and a rating report support the formation of an opinion on the company’s creditworthiness for creditors, investors, regulators, banks and the general public.

Rating history

Rating agency Rating Rating type Outlook Date
S&P Global Ratings BBB- Local Currency LT positive 18/01/2018
S&P Global Ratings BBB- Foreign Currency LT positive 18/01/2018
S&P Global Ratings BBB- Local Currency LT positive 22/09/2017
S&P Global Ratings BBB- Foreign Currency LT positive 22/09/2017
Scope Ratings BBB+ Corporate Rating stable 13/06/2017
Scope Ratings BBB+ Senior Unsecured Debt Rating 13/06/2017
Scope Ratings S-2 Short-Term Rating 13/06/2017
S&P Global Ratings BBB- Local Currency LT positive 18/04/2017
S&P Global Ratings BBB- Foreign Currency LT positive 18/04/2017
S&P Global Ratings BBB- Senior unsecured (EUR500 mil 0.125% med-term nts ser 1 due 12/08/2018) 07/12/2016
S&P Global Ratings BBB- Local Currency LT stable 10/05/2016
S&P Global Ratings BBB- Foreign Currency LT stable 10/05/2016