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Rating and bonds

Rating

Eandis System Operator currently has two LT corporate ratings: from Moody's and from Creditreform.

Eandis System Operator has obtained a long term corporate rating from the rating agency Moody’s Investors Service (“Moody’s”).

infodateratinglink
Eandis System Operator cvba29.06.2018A3 (positive outlook)open
Eandis System Operator cvba - LT14.12.2016A3 (stable outlook)open
Eandis System Operator cvba - LT14.10.2016A1 (Review for downgrade)open
Eandis System Operator cvba - LT06.10.2016A1 (Review for downgrade)open
Eandis System Operator cvba - LT03.07.2016A1 (negative outlook)open
Eandis System Operator cvba - LT03.06.2016A1 (negative outlook)open
Eandis cvba - LT10.09.2015A1 (negative outlook)open
Eandis cvba - LT02.12.2014A1 (negative outlook)open
Eandis cvba - LT17.03.2014A1 (stable outlook)open
Eandis cvba - LT13.03.2014A1 (stable outlook)open
Eandis cvba - LT20.12.2013A1 (negative outlook)open
Eandis cvba - LT21.12.2012A1 (negative outlook)open
Eandis cvba - LT20.12.2011A1 (negative outlook)open
Eandis cvba - LT12.10.2011A1 (negative outlook)open

The EMTN programme of Eandis was rated separately by Moody's:

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EMTN-programme26.10.2011A1 (negative outlook)open

All EMTN issuances by Eandis were rated separately by Moody's:

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EMTN-issue 08.11.201102.11.2011A1 (negative outlook)open
EMTN-issue 30.11.201210.12.2012A1 
EMTN-issue 09.10.201322.10.2013A1 
EMTN-issue 07.05.201406.05.2014A1 
EMTN-issue 04.12.201402.12.2014A1 

On 7 january 2016 Moody's published an Issuer Comment at the occasion of the DSO merger.

A more detailed analysis of the Eandis Economic Group can be found here:

Link: http://www.moodys.com/

Eandis System Operator has obtained a LT corporate rating from Creditreform Rating AG ("Creditreform")

infodaTEratinglink
Eandis System Operator cvba - LT19.01.2018A+ (stabile outlook)open
Eandis System Operator cvba - LT18.01.2017A+ (stabile outlook)open

More information about Creditreform

Bonds

Until now, Eandis has approached the capital markets several times with the aim of funding the Eandis Economic Group. A survey of the currently outstanding bonds (situation on 1 July 2017):

 

Nr.issue dateamounttypematurityCouponISIN code
130.12.2010170 mio €Retail30.12.2020 – 10 year4,25%BE6212766131
208.11.2011500 mio €EMTN08.11.2021 – 10 year4,50%BE6228266902
310.07.2012135,5 mio €PP10.07.2032 – 20 year3,95%BE6228266902
421.09.201250 mio €SS21.09.2027 – 15 year3,50%/
530.11.2012500 mio €EMTN30.11.2022 - 10 year2,75%BE0002420926
628.03.201354,5 mio €PP28.03.2028 - 15 year3,50%BE0002429042
728.03.201320,5 mio €PP28.03.2033 - 20 year3,75%BE0002430057
824.06.201350 mio €NSV24.06.2043 - 30 year3,50%/
909.10.2013500 mio €EMTN09.10.2023 - 10 year2,875%BE0002443183
1005.03.201452 mio €PP05.03.2044 - 30 year3,55%BE0002211770
1105.03.201423 mio €PP05.03.2036 - 22 year3,55%BE0002212786
1207.05.2014550 mio €EMTN07.05.2029 - 15 year2,875%BE0002470459
1304.12.2014400 mio €EMTN04.12.2026 - 12 year1,75%BE0002481563
1423.06.2017200 mio €Retail23.06.2025 - 8 year2,00%BE0002285543

 

Legend:

Retail: placed with retail investors in Belgium and the Grand Duchy of Luxembourg
EMTN (Euro Medium Term Note): benchmark bonds placed with European institutional investors
PP: private placements
SS: Schuldschein (debt instrument according to German law)
NSV: Namensschuldverschreibung (i.e. a debt instrument according to German law)

All bonds issued by Eandis are being guaranteed by the 7 Flemish distribution system operators (shareholders of Eandis), each in proportion to its part in Eandis’s share capital. See also under “Shareholders”.

The bonds 1 until 3 are listed on the Luxembourg Stock Exchange’s regulated market. The bonds 5 until 7, 9, 12 until 14 are listed on Euronext Brussels’ regulated market. The debt instruments 5 and 9 are not listed. The debt instruments 11 and 12 are listed on Euronext Growth Brussels.

Links:

Luxembourg Stock Exchange
Euronext Brussels 
Euronext Growth Brussels

 

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