The ratings are withdrawn following a monitoring of Å Energi AS, the surviving company of the merger of Agder Energi AS and Glitre Energi AS.

The rating actions are based on the soon-to be-merged AgderGlitre entity, though the merger is still subject approval by owners and regulators. The Positive Outlook is driven by the strong financial risk profile.

The under-review for a developing outcome status remains as the proposed merger with Norwegian energy company Agder Energi continues to lack final terms and approval.

The under review status remains, as the proposed merger between Agder Energi and Glitre Energi is still lacking final terms and approval.

The under review status has not been resolved due to delays in the proposed merger between Agder Energi and Glitre Energi.

The rating action reflects the updated analysis on power price developments and the progressing but uncertain outcome of merger talks with Adger Energi. 

The affirmation is driven by operational performace largely in line with Scope's expectations and limited changes to our updated medium term forcast consisting of stable leverage and improved interest cover ratios.

The affirmation follows relatively minor changes to Scope Ratings' assesment of Glitre's vertically integrated business model, coupled with the company's slightly better than expected financial performance due to higher market power prices.

Scope Ratings today assigns a first-time corporate issuer rating of BBB to Norway-based Glitre Energi AS. The Outlook for the rating is Stable. Scope also assigns an S-2 short-term rating. The company’s outstanding senior unsecured debt is also rated BBB.