The upgrade follows significant improvements in Eviny's financials, which are likely to last due to elevated power prices. Further upside is reflected by the Positive Outlook, assuming Eviny maintains a strong financial profile over a prolonged time.

The rating actions follow the publication of Scope’s updated European utilities rating methodology which will likely have a positive impact.

Higher power prices have enabled significant deleveraging, with Scope projecting that key credit ratios will remain at the more conservative levels.

The affirmation reflects the return to a more conservative financial risk profile this year, helped by higher power prices and subsequently stronger operational cash generation from BKK’s hydropower production segment.