Audax Renovables manages to ratify its Investment Grade (BBB-) rating granted by Axesor

The company has obtained a BBB- rating despite the current situation derived from the health alert caused by COVID-19

Audax Renovables (ADX.MC), the energy group that integrates the marketing and generation of 100% renewable electricity businesses, has managed to maintain its Investment Grade rating (BBB-). Axesor has especially valued the Contingency Plan that the company has presented in the face of this exceptional situation caused by the health alert caused by COVID-19. The Contingency Plan is developed to mitigate the possible impact that could result on the business, to maintain the company's solid financial position, as well as its liquidity and credit profile. This Plan plans to maintain the financial solvency of Audax Renovables even in the most pessimistic scenarios that this health alert may cause. 

This ratification of the rating has been based on an analysis of the main financial figures and an evaluation of the business data of Audax Renovables, highlighting its positioning in the energy market, where it is the 10th company in the free market and the first independent in the SME segment in Spain. To this we must add the positive effects derived from geographical diversification that limits the risk of business concentration, being present in the marketing and/or generation businesses in Spain, Portugal, France, Italy, Germany, Holland and Poland.

This competitive position is estimated to be reinforced by the recent signing of PPA agreements (Power Purchase Agreements), which place the Audax group as a reference off-taker. These energy agreements will contribute to improving the purchase price of energy by Audax Renovables and to consolidate its leadership position in the SME segment. This places the Audax Group in an excellent position in a commodity industry that tends towards concentration and in which it can be an important player.

Axesor has also assessed that Audax Renovables has a committed ownership structure with a high level of involvement in the business, as well as extensive experience in the market and adequate financial capacity. The solid growth in turnover, accompanied by positive operating returns, has led to significant progress in its financial structure during 2019, meeting its deleveraging objectives.

The ratification of the rating of Audax Renovables represents a new recognition, to which we must add the one it already received on March 23 when it was incorporated into the IBEX SMALL CAP® thanks to its growth and profitability possibilities both nationally and internationally, which which makes it a reference value for investors.