DBRS Morningstar Assigns Ratings to Corporación Acciona Energías Renovables S.A. and Acciona Energía Financiación Filiales S.A.’s Euro Medium Term Note Programme

DBRS Ratings GmbH (DBRS Morningstar) assigned a Short-Term Issuer Rating of R-2 (high) with a Stable trend to Corporación Acciona Energías Renovables S.A. (CAER or the Company). This rating action follows DBRS Morningstar’s finalisation of its long-term provisional Issuer Rating of BBB (high) with Stable trend on CAER on 26 August 2021.

DBRS Morningstar also assigned a BBB (high) rating with a Stable trend to the up to EUR 3.0 billion Euro Medium Term Notes Programme (EMTN Programme) of Acciona Energía Financiación Filiales S.A. (AEFF) as issuer and guaranteed by CAER. AEFF is a wholly owned subsidiary and the main financing vehicle of CAER. The guarantees provided by CAER meet all the requirements under the “DBRS Morningstar Criteria: Guarantees and Other Forms of Support” and, as such, the rating on AEFF’s EMTN Programme is based on CAER’s Issuer Rating of BBB (high) with a Stable trend.

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 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/, and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (2 November 2020), https://www.dbrsmorningstar.com/research/369167/, 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/.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

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

These ratings concern newly issued financial instruments. These are the first DBRS Morningstar ratings on these financial instruments.

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: https://www.dbrsmorningstar.com/research/384043.

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: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (2 November 2020), https://www.dbrsmorningstar.com/research/369167/.
-- 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.