DBRS Morningstar Assigns Rating of BBB (high), Stable, to Acciona Energía Financiación Filiales, S.A.’s EUR 500 million 1.375% Green Bond Due on 26 January 2032

DBRS Ratings GmbH (DBRS Morningstar) assigned a rating of BBB (high) with a Stable trend to Acciona Energía Financiación Filiales, S.A.’s (AEFF) EUR 500 million 1.375% Green Bond due on 26 January 2032. AEFF is Corporación Acciona Energías Renovables, S.A.’s (CAER or the Company) main financing vehicle. The assigned rating is based upon the rating of AEFF’s already-outstanding Euro Medium Term Notes Programme.

The new issuance is fully and unconditionally guaranteed by CAER. DBRS Morningstar understands that the net proceeds from the offering will be used to finance or refinance, in whole or in part, eligible green projects under the Company’s Green Financing Framework.

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 (24 September 2021), https://www.dbrsmorningstar.com/research/384922/, 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 (29 October 2021), https://www.dbrsmorningstar.com/research/386615/, 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 the new issuance’s term sheet, the Company’s trading statement for the nine months ending 30 September 2021, and other information provided by the Company’s management. 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.

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: 3 September 2021
Last Rating Date: 3 September 2021

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-- Rating Companies in the Regulated Electric, Natural Gas, and Water Utilities Industry (24 September 2021), https://www.dbrsmorningstar.com/research/384922/.
-- 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 (29 October 2021), https://www.dbrsmorningstar.com/research/386615/.
-- 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.