S&P Global Ratings upgraded PPC's long-term credit rating to "BB" from "BB-", recognising the significant strengthening of the group's development prospects after presenting the new strategic plan for the period 2026-2030.
At the same time, he upgraded the company's stand-alone credit profile (SACP) to "bb-" from "b+", keeping the prospects stable.
The rating agency points out that PPC significantly increases its investment ambitions, raising the total investment programme to 24 billion. EUR 2030, compared to around EUR 10 billion provided for in the previous plan for the period 2026-2028. Annual investments are now expected to reach EUR 5 billion, from around EUR 3.5 billion previously, with an emphasis on renewable energy sources, networks, storage systems and data centers in Southeast Europe.
According to S&P, the capital aid of EUR 4.5 billion completed in May 2026 – including an increase in share capital of EUR 4.25 billion and the disposal of own shares of EUR 250 million – significantly reduces the pressure on the group's credit indicators and limits the need for additional lending.
The company estimates that PPC will maintain the capital ratio from operational activities to debt (FFO to Debt) over 15% in the period 2026-2028, with a gradual improvement towards 17%-20% by the end of the decade. At the same time, it expects the adjusted debt to increase to around 14 billion euros in 2028 out of 9 billion euros in 2025, without however exceeding the leverage limits set by the administration.
PPC aims almost to double its total installed power by 2030, reaching 24.3 GW. This development will mainly come from new investments in RES, storage plants, flexible generation of electricity, data centers and extension to new markets in Central and Eastern Europe, such as Hungary, Poland and Slovakia.
About 53% of total investments will be directed towards renewable energy sources, while 19% will be for distribution networks. S&P considers that greater geographical diversification and strengthening regulated activities will significantly improve the business profile of the group in the coming years.
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