TenneT Germany receives preliminary inaugural S&P credit rating of BBB+ with stable outlook
 

• Preliminary Rating underscores strong investment-grade credit quality and supports planned capital markets debut in 2026
• Preliminary short-term S&P credit rating of A-2 with stable outlook
• Robust credit profile is underpinned by strong equity commitments and a clear financial policy

TenneT GmbH & Co. KG (“TenneT Germany”) has received its inaugural public long-term issuer credit rating of BBB+ and short-term issuer credit rating of A-2 from S&P Global Ratings. The outlook is stable.

With this inaugural rating, TenneT Germany has reached an important milestone in the execution of its financing strategy. The rating supports the company’s financing strategy and confirms TenneT Germany’s strong investment-grade credit quality as well as its robust financial and strategic position.

Dr. Markus Binder, CFO TenneT Germany stated: “With BBB+ / A-2 and a stable outlook, TenneT Germany has established a strong foundation for its planned access to the capital markets. The rating confirms the quality of our credit profile and the resilience of our financial policy. It enables us to finance our high-growth investment program over the long term in an efficient and diversified manner.” 
 

TenneT Germany’s financing capacity is further strengthened by a long-term secured equity base. The announced entry of Algemene Pensioen Groep (APG, on behalf of the Dutch pension fund ABP), GIC Private Limited (Singapore) and Norges Bank Investment Management (NBIM, Norway) APG, GIC, NBIM and Kreditanstalt für Wiederaufbau (KfW), together with the company’s clear financial policy and continued shareholder support, provides a strong foundation for financing the company’s future growth. This strong and long-term oriented shareholder base provides committed equity that played a significant role in achieving this strong investment grade rating.

TenneT Germany is executing one of Europe’s largest infrastructure programmes, with planned annual investments of around €13 billion over the next five years to expand and modernise the German transmission grid. TenneT Germany is at the centre of one of Europe’s largest infrastructure and investment programmes. The expansion of the transmission grid is essential to efficiently integrate offshore and onshore wind energy into the energy system, reduce grid bottlenecks, and ensure that Germany’s energy supply remains secure, sustainable and affordable over the long term.

TenneT Germany expects to publish additional information on its inaugural rating process in the coming weeks. 

The comprehensive process of obtaining the inaugural ratings was accompanied by Deutsche Bank and Goldman Sachs, who acted as ratings advisors to TenneT Germany.