TenneT Germany completes inaugural ratings process and prepares for debt capital market debut

TenneT Germany completes inaugural ratings process and prepares for debt capital market debut

• Moody’s assigned TenneT Germany a first-time Baa1 long-term issuer rating with stable outlook and a P-2 short-term issuer rating
• TenneT Germany has now obtained inaugural investment-grade issuer ratings from Moody’s, S&P and Fitch (Baa1 / BBB+ / BBB+)
• All key prerequisites for accessing the debt capital markets have now been established

TenneT GmbH & Co. KG (“TenneT Germany”) has received its inaugural long-term issuer rating of Baa1 with a stable outlook as well as a P-2 short-term issuer rating from Moody’s, marking the successful completion of its inaugural ratings process.

With the recently assigned Baa1 / P-2 ratings from Moody’s, TenneT Germany has now obtained a full set of investment-grade issuer ratings from the three major rating agencies. The company had previously received a preliminary BBB+ long-term issuer credit rating with stable outlook and a preliminary A-2 short-term issuer credit rating from S&P Global Ratings, as well as an expected BBB+ Long-Term Issuer Default Rating with stable outlook and an expected F2 Short-Term Issuer Default Rating from Fitch Ratings.

“With the successful completion of our rating processes, we have reached an important strategic milestone,” said Dr Markus Binder, CFO of TenneT Germany. “All key prerequisites are now in place to access the debt capital markets in the coming months and implement our long-term investment programme on the basis of a diversified and robust financing structure.”

The ratings reflect TenneT Germany’s regulated business model, predictable framework conditions and robust financial setup, providing a strong foundation for long-term capital market access. This comes at a time when the company is executing one of Europe’s largest grid expansion programmes as a critical enabler of the transformation of the energy system and the integration of renewable energy.

Following the completion of the ratings process, TenneT Germany is preparing for its debut bond issuance. Dr Markus Binder: “Over the coming weeks, we will be reaching out to targeted fixed-income investors to familiarise them with TenneT Germany’s credit story, including its new shareholder structure, substantial committed equity funding, clear and credit-supportive financial policy and proven execution capabilities across both onshore and offshore grid expansion.”

Press Contact
Maria-Elena Richter
+49 151 217 84235
maria-elena.richter@tennet.eu

About TenneT Germany
TenneT Germany is the largest transmission system operator in Germany. The company operates critical infrastructure that secures access to a reliable, sustainable and affordable electricity supply. TenneT Germany is one of the largest investors in electricity grids on land and at sea in Germany. Located at the Northwest European energy crossroads, TenneT Germany connects: North and South. Offshore and Onshore. Germany and Europe. With its more than 5,000 employees, the company builds, maintains and operates Germany's largest transmission grid with a length over 14,700 km connecting more than a third of the European Union’s total offshore wind capacity. Its growth is driven by a rapidly evolving electricity demand that requires a flexible and growing grid architecture. TenneT Germany is part of TenneT Group, the European leader in cross-border grid development and pioneer in linking mainland Europe to one of the world’s largest renewable energy sources, the North Sea.
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