Credit Rating

Corporate Rating

  • MOODY’S

  • Baa1

  • Last updated on 28 June 2019

Rating for the Guaranteed Euro Medium Term Note Programme

  • MOODY’S

  • Baa1

  • Last updated on 28 June 2019

Key Credit Metrics

2015/122016/122017/122018/122019/12
Total debt / total assets 22.1% 21.7% 18.9% 17.6% 18.0%
Secured debt / total assets 16.6% 16.1% 13.0% 11.1% 4.4%
EBITDA interest coverage 4.7x 5.1x 5.5x 4.9x 4.5x
Net debt / EBITDA 8.9x 7.8x 7.2x 6.4x 6.0x
Key Credit Metrics
2019
2018
2017
2016
2015
Dec 2019
Total debt / total assets
18.0%
Secured debt / total assets
4.4%
EBITDA interest coverage
4.5x
Net debt / EBITDA
6.0x