Credit Rating

Corporate Rating

  • MOODY’S

  • Baa3

  • Last updated on 27 February 2025

Rating for the Guaranteed Euro Medium Term Note Programme

  • MOODY’S

  • Baa3

  • Last updated on 27 February 2025

Key Credit Metrics

2020/122021/122022/122023/122024/12
Total debt / total assets 23.0% 22.9% 22.5% 22.8% 23.7%
Secured debt / total assets 4.8% 0.0% 0.0% 0.0% 0.0%
EBITDA interest coverage 4.5x 4.6x 4.0x 3.3x 2.8x
Net debt / EBITDA 7.1x 6.9x 7.8x 7.5x 8.1x
Key Credit Metrics
2024
2023
2022
2021
2020
Dec 2024
Total debt / total assets
23.7%
Secured debt / total assets
0.0%
EBITDA interest coverage
2.8x
Net debt / EBITDA
8.1x