Banc Sabadell | Credit rating agency Fitch has downgraded the outlook from stable to negative, confirming the BBB- (Investment Grade) rating. The downgrade is due to delays in the execution of its divestment plan, as well as a slight deterioration in its operating performance in 2025.
Assessment: Negative news, although we do not expect a significant impact. We note that the company remains very active in its asset rotation plan (following the recent sale of 49% of its solar assets in the United States and wind assets in Mexico, and since July 2024 Acciona Energía (ANE) has sold close to 1.7GW and €2.4 billion) despite the slight delay in the 2025 rotation targets (the latest transactions will be completed in 2026), we believe that the progressive execution of the plan and the entry of new farms will allow the company to maintain its leverage (we expect a DFN/EBITDA ratio of 3.6x in 2025 and 3.2x in 2026) and therefore meet its objective of maintaining its investment grade rating.
