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 June 19, 2023 S&P affirmed Uniper´s long-term issuer credit rating at BBB-. S&P revised the outlook from negative to stable. Hereby, S&P acknowledged that Uniper will not incur any further losses related to Russian gas curtailments and that the company has started its financial recovery. S&P expects that the German government would continue to provide extraordinary support to Uniper if needed. 

On August 2, 2023 S&P published a bulletin in response to Uniper’s strategy publication. Uniper’s rating construction remains unchanged with a rating of BBB-, stable outlook. S&P acknowledges that the strategic plan has improved the visibility on Uniper’s longer-term business and investment prospects, while some key considerations that may trigger a change in Uniper’s rating construction in the future remain open for now. Furthermore, S&P stated that they see Uniper on track to a steady financial recovery as Uniper will not incur further losses related to the Russian gas curtailment.

On March 8, 2024 S&P published a Research Update affirming Uniper's BBB- rating with a stable outlook. The rating reflects a stronger SACP offsetting declining need for government support. S&P recognizes that Uniper's financial recovery has been faster than previously expected. This is partly due to exceptionally strong operating results in 2023 and greater transparency regarding Uniper's future earnings profile, as well as greater clarity on the payment obligation to the Federal Republic of Germany in conjunction with the state aid granted in 2022.

Uniper continues to be classified as a "government-related entity" by S&P.

On September 25, 2023 Scope Ratings (Scope) affirmed Uniper’s BBB- issuer rating with a stable outlook. The rating action reflects Uniper’s improved standalone credit quality (which Scope upgraded from BB- to BB), supported by normalizing gas prices and market volatility and Uniper’s hedging of nearly all its risk from gas supply curtailments. This improvement is counterbalanced by a one-notch reduction in the rating uplift for government-related entity status as Scope now considers it less likely that Uniper will run into financial difficulties and require extraordinary state support.