Capital structure and ratings

Capital structure

Uniper measures its balance sheet stability particularly in an investment grade rating and by a corresponding debt factor. The debt factor is defined as the ratio of current economic net debt to adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA). The target rating can be translated into a debt factor of less than or equal to 2.5x.

Credit ratings

On February 2, 2023, S&P published an updated report on Uniper following the EU approval on the amended stabilization package and the implementation of two capital increases totaling about €13bn, which were subscribed by UBG Uniper Beteiligungsholding GmbH (a wholly owned subsidiary of the Federal Republic of Germany) at the end of 2022. S&P acknowledged that the stabilization package provides significant clarity on the mechanism to cover losses from replacing missing Russian gas volumes, but kept Uniper's rating unchanged at BBB- with a negative outlook. The negative outlook reflects - inter alia - that the stabilization package remains linked to administrative hurdles and that S&P currently lacks clarity on Uniper's strategic direction and long-term business prospects. Uniper continues to be classified as a "government-related entity" by S&P.

On September 27, 2022 Scope Ratings (Scope) affirmed Uniper’s BBB- issuer rating and revised the outlook to stable. The rating action reflects the expected majority ownership in Uniper by the German government following the amendment of the stabilization package communicated on September 21, 2022. Scope expects this change in Uniper’s ownership structure to lead to a faster and more straightforward implementation of the required stabilization measures, which drives the outlook change to stable from negative. Uniper continues to be considered a “government-related entity” by Scope.
Scope had previously downgraded Uniper to BBB- from BBB+ on September 14, 2022.