Credit ratings

Vattenfall has solicited credit ratings from two rating agencies; Moody’s and S&P Global Ratings. Rating agencies assess Vattenfall and other companies according to two main parameters:

Business risk analysis, comprising industry characteristics, competitive position, management and business strategy.
Financial risk analysis, comprising financial policy, cash flow protection, profitability, capital structure and financial flexibility.

Current rating and outlook

	Long-term	Short-term	Outlook	Latest rating action	Rating Analyst
Moody’s	A3	P-2	Stable	6 July 2021 Outlook up to stable	Mark Remshardt mark.remshardt@moodys.com +49 69 70730 808
S&P	BBB+	A-2	Stable	15 December 2023 Outlook changed from positive to stable.	Daniel Annas daniel.annas@spglobal.com +46 (0)8 440 59 25

Interior view of Vattenfall's headquarters in Solna, Sweden

Latest publications

Read the latest publications from Moody's and S&P Global Ratings.

Credit ratings

Rating agency	Long term	Short term	Latest changes
S&P	BBB+	A-2	15 December 2023 Outlook changed from positive to stable. Long-term BBB+ rating affirmed. Short-term K-1 Nordic regional scale rating and short-term A-2 rating also affirmed. 26 November 2021 Outlook changed from stable to positive. Long-term BBB+ rating affirmed. Short-term K-1 Nordic regional scale rating and short-term A-2 rating also affirmed. 12 May 2020 Long-term BBB+ rating and outlook affirmed. 7 June 2017 Outlook changed from negative to stable. Long-term BBB+ rating affirmed. Short-term K-1 Nordic regional scale rating and short-term A-2 rating also affirmed. 19 May 2016 Long-term BBB+ rating affirmed. Short term K-1 Nordic regional scale rating and short term A-2 rating also affirmed. 25 February 2016 Long-term BBB+ rating and short-term K-1 Nordic regional scale rating placed on CreditWatch with negative implications. Short-term A-2 rating affirmed. 28 September 2015 Long-term rating changed to BBB+. Outlook changed to negative. 24 July 2015 Long-term A- rating placed on CreditWatch with negative implications. Short-term A-2 rating affirmed. 9 December 2011 Long-term rating lowered to A- and short term to A-2. Outlook changed from negative to stable. 23 December 2009 Outlook changed from stable to negative. 30 June 2009 Long-term rating upgraded to A and short term to A-1. 6 September 2006 Outlook changed from positive to stable. 21 June 2005 Outlook changed from stable to positive. 4 April 2003 Outlook changed from negative to stable. 3 July 2001 Long-term rating lowered to A- and short term to A-2.
Moody's	A3	P-2	6 July 2021 Outlook changed from negative to stable. Long-term A3 rating affirmed. Baa2 junior subordinated debt rating and short-term P-2 rating also affirmed. 4 June 2019 Outlook changed from stable to negative. Long-term A3 rating affirmed. Baa2 junior subordinated debt rating and short-term P-2 rating also affirmed. 18 July 2017 Outlook changed from negative to stable. Long-term A3 rating affirmed. Baa2 junior subordinated debt rating and short-term P-2 rating also affirmed. 13 May 2016 Long-term A3 rating and Baa2 junior subordinated debt ratings confirmed. 13 February 2016 Long-term A3 rating and Baa2 junior subordinated debt ratings on review for downgrade. Short-term P-2 rating affirmed. 6 August 2015 Long-term A3 rating affirmed. Outlook changed from stable to negative. 27 September 2013 Long-term rating changed from A2 to A3 with stable Outlook. 21 February 2012 Outlook changed from stable to negative. 27 July 2006 Outlook changed from positive to stable. 23 June 2005 Long-term rating changed from A3 to A2. 7 June 2005 Outlook changed from stable to positive. 10 October 2003 Outlook changed from negative to stable. 23 July 2001 Long-term rating lowered to A3 with negative outlook and short-term to P-2.