The affirmation is driven by DNV’s leading position in maritime classification and services, coupled with robust cash generation and very strong financial metrics. Its dependence on the largest segments and its profitability remain constraints.

The affirmation reflects better-than-expected credit metrics in 2024 and forecasts for 2025, though the Negative Outlook remains in place amid Haugaland Kraft's further growth ambitions and increased capital expenditure expectations.

The short-term debt rating upgrade is driven by the issuers’ improved financial risk profile, with stronger credit metrics also expected in the coming years.

The periodic review has resulted in no rating action.

The rating affirmation reflects Tensio’s monopoly position as a large, profitable grid distributor in central Norway and the expectation of leverage remaining moderate despite high investment needs causing negative free operating cash flow.

The affirmation reflects expected 2025 credit metric improvements from subsidiary SunDell project handovers. The Negative Outlook remains due to GOPD’s ongoing liquidity risks tied to its dependence on upstreamed dividends from SunDell.

The rating affirmation reflects SunDell's recovering 2025 credit metrics from project handovers. It remains constrained by the company's small size, Budapest-focused pipeline, and GOPD Nyrt.'s reliance on SunDell dividends for holding-level debt service.

The affirmation reflects the assessment of an overall credit-neutral rating impact of the divestment of the industrial waste management segment, based on information available at this stage. The issuer rating has been withdrawn due to business reasons.

The Negative Outlook reflects the risk of continued weaker credit metrics due to deteriorating operating profitability amid sluggish end-market demand.

The Outlook change reflects improving credit metrics in 2024 and Scope’s expectation that the continued stable performance will support credit metrics remaining within the rating case.