Link Securities | According to information sent to the National Securities Market Commission (CNMV) by the company, the credit agency Fitch Ratings has confirmed Acciona Energía’s long-term issuer default rating (IDR) at “BBB-” (last step of investment grade), with a “stable” outlook.
According to Fitch, the €1bn sale of Spanish hydro assets to Endesa Generación and good progress on other disposals (likely to be completed by 2025) are consistent with the agency’s estimate of €4.4bn of disposals in 2024-2027 needed to close the rating leverage gap. In this regard, Fitch says asset rotation is crucial for Acciona Energy’s deleveraging as energy prices have normalised and given its high cumulative capital expenditure for 2024-2025, despite some reduction in 2025. Fitch therefore expects the net working capital leverage to fall back to its negative sensitivity of”BBB-” of 4.5x by end-2025, following a significant gap in 2024. Furthermore, it notes, the “stable” outlook also reflects the group’s additional deleveraging measures available, underscoring its strong commitment to the current rating.
The agency considers that Acciona Energía manages asset rotation to maintain strong gross investments while preserving its “BBB-” credit metrics. According to Fitch, this strategy also allows the group to derive value from assets and optimise the geographic footprint of its portfolio. In this regard, the agency recalls that the asset rotation includes a total scope of 6GW of wind and solar assets in Spain and internationally, with actual volumes and pace subject to the development of capital expenditure and the maintenance of its investment grade rating.
