This page details the ratings awarded to the Company by the following credit rating agencies: Dominion Bond Rating Service (henceforth "DBRS"), Fitch Ratings ,Ireland (henceforth "Fitch"), Moody's Investors Service España, S.A. (henceforth "Moody's"), S&P Global Ratings Europe limited, Ireland (henceforth "Standard & Poor's") Gesellschaft für Bonitätsbeurteilung mbH (henceforth “GBB-Rating”) and Scope Ratings (henceforth “Scope”).
Table of Ratings by Agency
| Agency | Long Term | Short Term | Outlook | Reports | ||
|---|---|---|---|---|---|---|
| DBRS | A (High) | R-1 (Middle) | Stable | September2023pdf 61 Kb | October2022pdf 400 Kb | December2021pdf 390 Kb |
| Fitch | A- (Senior A) | F2 (Senior F1) | Stable | December2023pdf 303 Kb | October2023pdf 342 Kb | September2023pdf 177 Kb |
| Moody's | A2 | P-1 | Positive | March 2024 pdf 66 Kb | January2023 pdf 1,28 Mb | July2022 pdf 2,56 Mb |
| Standard & Poor's | A+ | A-1 | Stable | October2023 pdf 2 Mb | July2022 pdf 142 Kb | March2022 pdf 142 Kb |
| JCR Japan | A+ | - | Stable | December2022 pdf 413 Kb | December2021 pdf 413 Kb | November2020 pdf 416 Kb |
| Scope | AA- | S-1+ | Stable | September2021 pdf 116 Kb | September2019 pdf 132 Kb | March2018 pdf 298 Kb |
| GBB-Rating | A+ | - | Stable | May2021 pdf 390 Kb | May2020 pdf 800 Kb | May2019 pdf 705 Kb |
| EthiFinance Ratings | A | - | Stable | December2022 pdf 542 Kb | December2021 pdf 433 Kb | December2020 pdf 784 Kb |
The credit rating can be revised, cancelled or withdrawn at any time by the ratings agency.
The aforementioned credit ratings are only an estimation and should not prevent potential investors in bonds issued by the company from undertaking their own analysis of the Company or the bonds it issues.
The long term debt rating categories used by the aforementioned agencies are as follows:
| Agencia | Moody's | Standard & Poors | Fitch | DBRS |
|---|---|---|---|---|
| Investment Category | Aaa Aa A Baa | AAA AA A BBB | AAA AA A BBB | AAA AA A BBB |
| Especulative Category | Ba B Caa Ca C | BB B CCC C C | BB B CCC CC C | BB B CCC CC C |
Moody's assignes numeric modifiers 1, 2 and 3 to each generic ratings classification from Aa through B. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking and the modifier 3 indicates a ranking in the lower end of that generic rating category.
Standard & Poor's applies a plus (+) or minus (-) sign in categories AA through CCC to show relative standing within the major rating categories.
Fitch applies these same signs from the AAA category. The short term debt rating categories used by these agencies are as follows:
| Moody's | Standard & Poors | Fitch | DBRS |
|---|---|---|---|
| Prime-1 Prime-2 Prime-3 | A-1 A-2 A-3 B C | F1 F2 F3 B C | R-1 R-2 R-3 R-4 R-5 |
Standard & Poor's and Fitch both apply a plus sign (+) within the categories A-1 and F1.
These credit ratings do not constitute a recommendation to buy, sell or subscribe to the bonds issued by the Company. The credit rating can be revised, cancelled or withdrawn at any time by the ratings agency.
The aforementioned credit ratings are only an estimation and should not prevent potential investors in bonds issued by the company from undertaking their own analysis of the Company or the bonds it issues.
