The Outlook change reflects increased debt in 2023 combined with lower but still higher-than-historical power prices and the prospect of higher investments.

Monitoring review announcement.

The affirmation reflects credit metrics developing in line with expectations, which provide continued support to the utility’s consistently strong financial profile.

The assignment of a default status follows the execution of a debt restructuring that Scope regards as a distressed debt exchange.

The withdrawal follows Scope’s decision to cease analytical coverage due to business reasons.

The Outlook change reflects the current pressure on credit metrics and the significant increase in short-term debt which has resulted in inadequate liquidity.

The Negative Outlook is based on a burdened credit profile following recent large property acquisitions.

The rating action reflects the possibility of a rating-related covenant breach, which needs to be resolved by the end of a grace period that expires in October 2024.

The affirmation reflects a relatively robust yet concentrated backlog and weak credit metrics, including adequate debt protection and liquidity. The rating is constrained by the company’s small size and limited diversification.

The rating and Outlook reflect Air Liquide’s leadership position in industrial gases and the displayed trend on decreasing leverage.