The Outlook revision to Negative reflects the increased leverage of the issuer and the uncertainty surrounding the pace and extent of deleveraging.

The rating affirmation reflects the company's low-cost and environmentally friendly power generation and its robust dividend income from a 12.91% stake in Å Energi. It is also a reflection of the company's good financial risk profile.

The rating reflects the company’s low-cost and environmentally friendly power generation, and its robust dividend income from a 12.91% ownership in Å Energi. It also reflects a good financial profile and status as a government-related entity.