DBRS Morningstar Assigns BBB Rating with Stable Trend to Acciona Financiacion Filiales, S.A.’s Medium Term Note Programme

DBRS Ratings GmbH (DBRS Morningstar) assigned a BBB rating with a Stable trend to Acciona Financiacion Filiales, S.A.’s (AFF) up to EUR 2.0 billion Euro Medium Term Note (EMTN) Programme. AFF is a wholly owned subsidiary and the main financing vehicle of Acciona, S.A. On 30 April 2020, AFF renewed, with the guarantee of Acciona, S.A., its EMTN Programme for a maximum amount of up to EUR 2.0 billion. The guarantee provided by Acciona, S.A. meets all the requirements under the “DBRS Morningstar Criteria: Guarantees and Other Forms of Support” and, as such, the rating of AFF’s EMTN Programme is based on Acciona, S.A.’s Issuer Rating of BBB with a Stable Trend.

For more information regarding Acciona, S.A.’s ratings, please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/359962

ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

Notes:
All figures are in euros unless otherwise noted.

The principal applicable methodologies are Rating Companies in the Independent Power Producer Industry (May 19, 2020); Rating Companies in the Regulated Electric, Natural Gas and Water Utilities Industry (September 16, 2019); Rating Companies in the Construction and Property Development Industry (November 28, 2019); DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 25, 2019); and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 22, 2020). These can be found can be found at: http://www.dbrsmorningstar.com/about/methodologies.

The primary sources of information used for this rating include all the following documentation dated as of 30 April 2020: (1) AFF’s EUR 2.0 billion EMTN Base Prospectus, (2) Permanent Global Note issued under the EMTN Program, (3) Deed of Covenant by AFF, (4) Deed of Guarantee by Acciona, S.A., (5) Legal Opinion Letter (English Law) by Simmons & Simmons, (6) Legal Opinion Letter (Spanish Law) by Simmons & Simmons, (7) Letter of Approval by the Central Bank of Ireland. The rating is also based on the updated financial performance and discussions regarding the Covid-19 pandemic held with Acciona, S.A.’s management. DBRS Morningstar considers the information available to it for the purposes of providing this rating to be of satisfactory quality.

The rating noted above is based on the list of information received by DBRS Morningstar as of the date of this letter.

This rating concerns a newly issued financial instrument. This is the first DBRS Morningstar rating on this financial instrument.

DBRS Morningstar does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

For further information on DBRS Morningstar historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

The sensitivity analysis of the relevant key rating assumptions can be found at: https://www.dbrsmorningstar.com/research/361419

Ratings assigned by DBRS Ratings GmbH are subject to EU and U.S. regulations only.

Lead Analyst: Giuseppe Fresta
Rating Committee Chair: Andrew Lin
Initial Rating Date: 25 May 2020
Last Rating Date: Not applicable as there is no last rating date.

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-- Rating Companies in the Independent Power Producer Industry (May 19, 2020), https://www.dbrsmorningstar.com/research/361185/rating-companies-in-the-independent-power-producer-industry
-- Rating Companies in the Regulated Electric, Natural Gas and Water Utilities Industry (September 16, 2019), https://www.dbrsmorningstar.com/research/353795/rating-companies-in-the-construction-and-property-development-industry
-- Rating Companies in the Construction and Property Development Industry (November 28, 2019), https://www.dbrsmorningstar.com/research/353795/rating-companies-in-the-construction-and-property-development-industry
-- DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 25, 2019), https://www.dbrsmorningstar.com/research/353260/dbrs-morningstar-criteria-rating-corporate-holding-companies-and-parentsubsidiary-rating-relationships
-- DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 22, 2020), https://www.dbrsmorningstar.com/research/355780/dbrs-morningstar-criteria-guarantees-and-other-forms-of-support

Information regarding DBRS Morningstar ratings, including definitions, policies, and methodologies, is available on www.dbrsmorningstar.com.