Euler Hermes Rating affirms the BBB+ rating of the Fixed Rate Secured Notes with an issue volume of € 275 million. The issue rating is largely based on Elia Group’s SA/ NV and Elia Transmission Belgium‘s SA/ NV („ETB“) guarantees to repurchase green certificates that Solar Chest had previously acquired from ETB as legal successor of Elia System Operator SA/ NV, Elia Group’s issuer rating and the legal and regulatory framework.
The issuer of the Fixed Rate Secured Notes is Solar Chest SA, a Belgian company wholly owned by municipal and provincial governments in the Walloon Region. The issue date is 30 June 2015. The bond was issued to finance the acquisition of green certificates in order to stabilize electricity tariffs in the Walloon Region at the legally guaranteed price of € 65 (excluding VAT) from ETB.
The agency assigned Elia Group an issuer rating of A- in this connection on 14 May 2020.
Euler Hermes Rating GmbH (Euler Hermes Rating) was founded in 2001 as an independent European rating agency of the Euler Hermes and Allianz Group focusing on issuer and issue ratings. Euler Hermes Rating is registered as a credit agency (CRA) in accordance with Regulation (EC) of the European Parliament and Council (as amended) and is considered as an external credit assessment institution (ECAI) by the European Banking Authority (EBA). Euler Hermes Rating is a subsidiary of Euler Hermes (ELE:PA), the world leader in trade credit insurance.
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