DBRS Morningstar Finalizes Provisional Issuer Rating of BBB (high) with Stable Trend on Corporación Acciona Energías Renovables, S.A.

DBRS Ratings GmbH (DBRS Morningstar) finalized its provisional Issuer Rating of BBB (high) with Stable Trend on Corporación Acciona Energías Renovables, S.A.

ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

Notes:
All figures are in euros unless otherwise noted.

The principal methodologies are the Rating Companies in the Regulated Electric, Natural Gas, and Water Utilities Industry (27 October 2020), https://www.dbrsmorningstar.com/research/368939/, Rating Companies in the Independent Power Producer Industry (10 May 2021), https://www.dbrsmorningstar.com/research/378166/, and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (31 May 2021), https://www.dbrsmorningstar.com/research/379424/, which can be found on dbrsmorningstar.com under Methodologies & Criteria. Other applicable methodologies include DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (3 February 2021), https://www.dbrsmorningstar.com/research/373262/.

The primary sources of information used for this rating include annual reports and financial statements, interim financial statements, quarterly reports and financial statements, interim management statements, management projections and budgets, and external correspondence. DBRS Morningstar considers the information available to it for the purposes of providing this rating to be of satisfactory quality.

DBRS Morningstar does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml. DBRS Morningstar understands further information on DBRS Morningstar historical default rates may be published by the Financial Conduct Authority (FCA) on its webpage: https://www.fca.org.uk/firms/credit-rating-agencies.

The sensitivity analysis of the relevant key rating assumptions can be found at: INSERT LINK TO DOCUMENT

This rating is endorsed by DBRS Ratings Limited for use in the United Kingdom.

Lead Analyst: Giuseppe Fresta, Vice President
Rating Committee Chair: Andrew Lin, Managing Director
Initial Rating Date: 26 August 2021
Last Rating Date: Not applicable as there is no last rating date.

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Rating Companies in the Regulated Electric, Natural Gas, and Water Utilities Industry (27 October 2020) https://www.dbrsmorningstar.com/research/368939/
Rating Companies in the Independent Power Producer Industry (10 May 2021) https://www.dbrsmorningstar.com/research/378166/
DBRS Morningstar Criteria: Guarantees and Other Forms of Support (31 May 2021) https://www.dbrsmorningstar.com/research/379424/
DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (3 February 2021)
https://www.dbrsmorningstar.com/research/373262/

Information regarding DBRS Morningstar ratings, including definitions, policies, and methodologies, is available on www.dbrsmorningstar.com.