The rating action reflects the significant strengthening in credit metrics paired with gradually improving diversification that has more than offset the decreasing exposure to regulated power generation.

The affirmation reflects Scope’s unchanged view on Encavis’ largely protected business model, paired with the company’s continuously improving diversification and gradually strengthening credit metrics.

The affirmation reflects Scope’s view on Encavis’ protected business model, continuously improving diversification and robust debt protection and liquidity.

The issuer rating reflects Scope Ratings’ view on Encavis’ protected business model, continuously improving diversification and high leverage which however is strongly driven by non-recourse debt on the project level.