Renta 4 | The factors that led Fitch to downgrade Redeia’s credit rating from A- to BBB+ focus on the increased investment that the company plans to make in the coming years as a result of its ambitious strategic plan, which will lead to a temporary deterioration in the company’s credit ratios while it is being implemented.
Conclusion: Despite the downgrade, Fitch maintains a stable outlook and views Redeia’s regulated and stable business profile positively, as well as the visibility of its long-term cash flows. For its part, Redeia reaffirms its commitment to prudent financial management, maintaining discipline in capital allocation and solid liquidity. The company continues to defend the strategic nature of its investments, highlighting that they are aligned with European energy policies and will contribute to value creation and sustainable long-term growth.
We reiterate our hold rating, with a target price of €17.50 per share.
