|Rating agency||Rating**||Outlook||Short-term rating||Date|
|Scope Ratings||BBB+||stable||S-2||June 12, 2018|
|S&P Global Ratings*||BBB||stable||---||Apr. 27, 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 is stable. S&P had lifted the outlook to positive in April 2017 turning it into an upgrade in April 2018.
The rating upgrade with stable outlook reflects S&P’s view of a reduced risk of a negative impact from a possible change in Uniper’s shareholder structure on the company’s credit quality, in particular its independence, strategy and financial policy. S&P has elevated Uniper’s business risk profile which has been positively affected by recent developments of power prices in Germany and the Nordics, achieved cost savings, renegotiations of gas contracts and the successful sale of the Russian gas-field Yuzhno Russkoye in late 2017.
Current rating by Scope
Uniper holds a long-term corporate rating from Scope Ratings of ‘BBB+’. The rating was confirmed in June 2018 with a stable outlook. Thereby, Uniper is regarded as a company with an investment grade rating. Scope’s rating assessment reflects the agency’s view on Uniper’s continued strengthening of its business profile (‘BBB-’) and a strong financial risk profile (‘A’) with reduced leverage in particular following the sale of Uniper’s participation in the Russian gas-field Yuzhno Russkoye.
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 and blue-chip companies in Europe.
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.
- See the ECB’s harmonised classification of rating grades of individual agencies in 'Eurosystem credit assessment framework' (external link).
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).
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 agency||Rating||Rating type||Outlook||Date|
|Scope Ratings||BBB+||Corporate Rating||stable||12/06/2018|
|Scope Ratings||BBB+||Senior Unsecured Debt Rating||12/06/2018|
|Scope Ratings||S-2||Short-Term Rating||12/06/2018|
|S&P Global Ratings||BBB||Local Currency LT*||stable||27/04/2018|
|S&P Global Ratings||BBB||Foreign Currency LT*||stable||27/04/2018|
|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|