“S&P Global Ratings” agency gives Conexus a BBB+ credit rating for the first time

The international credit rating agency “S&P Global Ratings” (S&P) has for the first time evaluated and awarded the unified natural gas transmission and storage operator JSC “Conexus Baltic Grid” (“Conexus”) long-term credit rating BBB+ with a stable outlook, “Delfi Bizness” informed the company.

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In 2021, “Conexus” EBITDA reached 33 million euros. In its report, S&P states that the regulatory framework of Latvian gas transmission and storage is assessed as supportive of the industry and offers regulatory transparency at least until 2026.

The S&P assessment also takes into account the growing strategic importance of the company’s parent company JSC.High voltage network” context, as well as indirectly in the context of the Latvian government.

Taking into account the stable ATS credit rating, S&P assumes that “Conexus” will maintain its creditworthiness indicators in line with the current rating, keeping S&P’s adjusted funds from operations to debt level in the range of 18-23%, while also the adjusted debt to EBITDA* ratio below 5.

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