DBRS Rates Acciona’s Debt At BBB In The Long Term And At R-2 In The Short Term

Acciona´s new desalination plant in Saudi Arabia will serve oil company AramcoDBRS rates Acciona's debt at BBB in the long term and at R-2 in the short term

Acciona has publicly confirmed its rating from the Canadian agency DBRS. This is a rating that the Spanish firm has had since 2018 for various specific operations in different regions, mainly in North America, but which it has so far not released. Acciona’s long-term rating is confirmed at BBB and its short-term rating at R-2, both with a stable outlook. The closure of the “commercial paper” market has limited Acciona’s access to financing. So by making this rating public (within investment grade), the company will be able to have better access to the various institutional financing programmes if necessary. For the time being, the company has liquidity lines of approximately 2.8 billion euros, to which a further 800 million euros have recently been added.

Acciona does not have ratings from the main rating agencies. However the company believes that the flexibility of the sector analysis offered by DBRS, which is very prestigious, allows it to more reliably reflect the joint risk of Acciona’s various businesses which are highly diversified, both by sector and geographically.

On the other hand, the Board of Directors, in view of the crisis situation by Covid 19 and seeking to give the company a greater capacity of solvency, has decided to reduce by 50% the dividend to be distributed in 2020 against the results of 2019. The company will distribute 1.94 eur per share, which means a dividend yield of 2.2% in cash.