Programmes and credit facilities

Vattenfall finances its operations and investments through a combination of its own generated cash flow and external funding, mainly in the form of corporate bonds. Senior bonds are issued under a Euro Medium Term Note programme (EUR 10 billion). The programme is unrated but each bond is rated separately by Moody’s (A3) and S&P (BBB+).

For short-term funding, Vattenfall has a European Commercial Paper programme (EUR 10 billion) which is rated by Moody’s (“P-2”) and S&P (“A-2”). In addition, Vattenfall has access to an undrawn Revolving Credit Facility (EUR 2 billion) which serves as a general liquidity back-up and ensures financial flexibility. A total of 15 banks, which also comprise Vattenfall’s core bank group, participates in the credit facility.

The following banks participate in the Revolving Credit Facility (Mandated Lead Arranger and Bookrunner in alphabetical order):

• Barclays Bank PLC
• BNP Paribas
• Citibank N.A., London Branch
• Cooperative Rabobank
• Crédit Agricole
• Danske Bank
• Handelsbanken
• ING Bank N.V.
• Landesbank Hessen-Thüringen Girozentrale
• NatWest
• Nordea
• Royal Bank of Canada
• Skandinaviska Enskilda Banken
• Société Générale
• Swedbank AB