S&P affirms Uniper’s long-term credit rating in step towards bailout

S&P affirms Uniper’s long-term credit rating in step towards bailout

Summary : Ratings agency S&P affirmed Uniper’s (UN01.DE) long-term credit rating at BBB- with a negative outlook on Friday, fulfilling one of the conditions for Germany’s 15 billion-euro ($15.32 billion) bailout package of the gas importer. The package, among the biggest in German corporate history, still needs approval from the European Commission and the backing of Uniper shareholders. It carries certain conditions, including that Uniper withdraw a lawsuit against the Netherlands over its coal phase-out as well as a commitment by the Duesseldorf-based group to suspend dividend payments for the duration of its stabilisation period.

“This outlook reflects prevailing uncertainty surrounding gas flows and the fact that details of the stabilisation package are still to be approved,” S&P said.

Reporting by Victoria Waldersee in Berlin Editing by Matthew Lewis

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