For the fourth consecutive year, the electricity transmission company Transemel S.A. has maintained an “AA” solvency risk rating, reflecting a business profile rated as “Satisfactory” and a financial position rated as “Strong”.

Furthermore, it enjoys a high level of integration with its parent company, REN, which would provide exceptional support should the need arise.

The “Satisfactory” business profile primarily reflects the company’s market position and its degree of geographical diversification. This, combined with the regulatory nature and natural monopoly inherent to the transmission industry, allows for a high degree of operational stability and predictability, thereby partially mitigating exposure to economic cycles.

The “Strong” financial position is underpinned by the company’s stable and robust cash flow generation structure, which is consistent with the low risk associated with the transmission sector. It also takes into account the company’s zero debt profile, alongside its solid level of liquidity. However, the structural risk posed by capital-intensive requirements and exposure to the impact of tariff adjustments is also taken into account.