Morningstar DBRS Confirms Long-Term Credit Ratings on Acciona S.A. and Acciona Financiación Filiales, S.A. at BBB (Low) With Stable Trends

Why It Matters

The stable BBB rating preserves Acciona’s investment‑grade access to capital markets, keeping financing costs lower than they would be after a downgrade. It signals to investors that the group’s cash‑flow visibility and deleveraging plan remain on track despite execution delays.

Key Takeaways

• Acciona’s BBB rating stays stable despite slight asset‑rotation delays
• Energy division generated €1.5 bn ($1.64 bn) cash flow in 2025
• Nordex contributed ~€1 bn ($1.09 bn) proceeds, boosting earnings buffer
• Asset‑rotation programme expects €1.6 bn ($1.74 bn) proceeds in 2026
• Net debt‑to‑EBITDA targeted around 3.0× by end‑2026

Pulse Analysis

Acciona’s credit profile, anchored by Morningstar DBRS’s BBB (low) rating, underscores the importance of diversified renewable‑energy and infrastructure assets in Europe’s financing landscape. The rating agency places primary weight on Acciona Energía, whose regulated power‑purchase agreements provide predictable cash flows, while also factoring in the structural subordination at the holding level. By integrating Nordex’s wind‑turbine business, DBRS acknowledges an added earnings buffer, albeit with higher cyclicality, which helps mitigate the group’s overall risk exposure.

In 2025 the Spanish conglomerate delivered robust operating results, with the Energy division benefitting from stable international power prices and a more measured capex plan that limited debt buildup. Asset‑rotation activities generated roughly €1.0 billion ($1.09 bn) in proceeds, and additional disposals slated for 2026 should add another €1.6 billion ($1.74 bn). Nordex’s stronger‑than‑expected performance further bolstered EBITDA, pushing the three‑year average to about €2.7 billion ($2.94 bn) and net earnings near €500 million ($545 million). These cash‑flow dynamics keep the cash‑flow‑to‑net‑debt ratio on an upward trajectory, supporting the rating’s stable trend.

Looking ahead, DBRS expects Acciona to maintain a net‑debt‑to‑EBITDA ratio close to 3.0× through 2028, with leverage gradually declining as asset‑rotation proceeds are applied to debt reduction. The firm’s disciplined dividend policy and flexible capex of roughly €1.2 billion ($1.31 bn) each year aim to preserve financial flexibility while funding growth in both renewable generation and infrastructure concessions. For investors, the stable BBB rating signals continued access to relatively cheap financing, reinforcing Acciona’s position as a resilient player in the transition to clean energy.