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

Audax Renovables (ADX.MC), the energy group that integrates the 100% renewable electricity generation and supplying business, has managed to maintain its Investment Grade (BBB-) rating. 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 the COVID-19. The Contingency Plan has been developed to mitigate the possible impact that could result in the business, to maintain the company’s solid financial position, as well as its liquidity and credit profile. This Plan foresees maintaining the financial solvency of Audax Renovables even in the most pessimistic scenarios that this health alert may cause.

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

This competitive position is expected to be reinforced by the recent signing of PPA (Power Purchase Agreements), which make the Audax group a benchmark off-taker. These power purchase agreements will help to improve 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 is tending towards concentration and in which it can be a major player.

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

The ratification of the rating of Audax Renovables means a new recognition, to which we must add the one we already received last March 23rd when we were incorporated to the IBEX SMALL CAP® thanks to its possibilities of growth and profitability both at a national and international level, which makes it a reference value for investors.