TenneT Germany receives first investment-grade rating from Fitch Ratings

TenneT Germany receives first investment-grade rating from Fitch Ratings

• Fitch assigned TenneT Germany an expected BBB+ Long-Term Issuer Default Rating (IDR) with stable outlook and an expected Short-Term IDR of F2
• Rating agency recognises equity commitments resulting from the new ownership structure and TenneT Germany’s role in the transformation of the energy system

TenneT GmbH & Co. KG (“TenneT Germany”) has received its first investment-grade rating from Fitch Ratings. Fitch has assigned a long-term rating of BBB+ with a stable outlook and a short-term rating of F2. Senior unsecured debt is rated A-. The Fitch rating complements the recently published rating from S&P Global Ratings (BBB+, stable outlook) and supports the planned capital markets access.

Dr Markus Binder, CFO of TenneT Germany, said: “The investment-grade rating from Fitch marks another important milestone on TenneT Germany’s path to the capital markets. It confirms the strength of our ownership structure and the reliability of our regulated business model. At the same time, the rating supports the long-term financing of our investment programme.”

Fitch particularly highlights TenneT Germany’s robust business profile as one of the leading transmission system operators in Germany. The regulated business model and the high visibility of revenues in the grid business are also positively assessed.

Furthermore, Fitch takes into account the long-term secured equity funding base supporting the extensive investment programme. For the period from 2026 to 2030, TenneT Germany plans to invest approximately EUR 13 billion per year in the expansion and modernisation of the transmission grid. These investments are a key prerequisite for the integration of renewable energy and the further development of Germany’s energy infrastructure.

The rating is based on a standalone assessment of TenneT Germany, taking into account the planned adjustments to the shareholder structure as well as the committed equity contributions to finance growth.

The ratings assigned by Fitch are subject to completion of the transaction with KfW, NBIM, APG and GIC and are therefore indicated as expected (EXP) ratings.

TenneT Germany will publish further information on the rating process in the coming weeks.

Press Contact
Maria-Elena Richter
+49 151 217 84235
maria-elena.richter@tennet.eu

About TenneT Germany
TenneT Germany is the largest transmission system operator in Germany. The company operates critical infrastructure that secures access to a reliable, sustainable and affordable electricity supply. TenneT Germany is one of the largest investors in electricity grids on land and at sea in Germany. Located at the Northwest European energy crossroads, TenneT Germany connects: North and South. Offshore and Onshore. Germany and Europe. With its more than 5,000 employees, the company builds, maintains and operates Germany's largest transmission grid with a length over 14,700 km connecting more than a third of the European Union’s total offshore wind capacity. Its growth is driven by a rapidly evolving electricity demand that requires a flexible and growing grid architecture. TenneT Germany is part of TenneT Group, the European leader in cross-border grid development and pioneer in linking mainland Europe to one of the world’s largest renewable energy sources, the North Sea.
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