Fitch Ratings affirmed on Sunday that Societatea Energetica Electrica (Electrica, ROEL) retains a long‑term issuer default rating of BBB‑ with a stable outlook. The agency also maintained the senior unsecured rating at BBB‑ and assigned a standalone credit profile of bbb‑.
Fitch highlighted that Electrica's rating could be positioned up to two notches above Romania's sovereign rating of BBB‑/Negative, reflecting a relatively weak linkage to the state. The rating agency cited the company's upcoming capital expenditure program as a factor in its assessment.
Electrica plans to spend roughly RON 14 billion on capital projects between 2026 and 2031. About 51% of the budget will fund network enhancements, 38% will support renewable generation and storage, and 10% is earmarked for the Craiova cogeneration project. The utility targets up to 1 GW of new renewable capacity and 900 MWh of battery storage by the end of the period.
Financial forecasts show the funds‑from‑operations (FFO) net leverage averaging around 3.2 times in 2026‑2030, compared with 1.7 times in 2025. Fitch expects FFO interest coverage to stay above 3.0 times throughout the forecast horizon.
Liquidity metrics as of the end of June 2026 indicate cash and cash equivalents of RON 1.8 billion, eligible securities of RON 2.6 billion, and available overdraft limits of RON 1 billion. Short‑term debt maturing within 12 months stands at RON 2.6 billion.
