Fitch affirms Nuclearelectrica's BBB- rating with negative outlook

Business Forum

19 December, 2025 at 1:15 PM

Fitch Ratings has affirmed its Long-Term Issuer Default Rating of BBB- with a negative outlook for Romanian state-owned nuclear power company Nuclearelectrica.

The confirmation reflects the company's unchanged standalone credit profile of BB+ and a one-notch upgrade to reflect strong expectations of support from the Romanian government.

The negative outlook mirrors the sovereign rating, while the standalone credit profile reflects Nuclearelectrica's asset base and market position, alongside its investment plan, particularly for the refurbishment of Unit 1. The rating agency noted commercial risk during the planned shutdown of Unit 1.

"SNN's rating factors remain similar to those for the BBB- rating, namely its strong market position as the sole nuclear power producer, covering approximately 20% of Romania's consumption needs, and a strong operating history," said the company in a statement.

The company faces an extensive capital expenditure plan including investment projects for Units 3 and 4, the Unit 1 Refurbishment Project, and the SMR Project. Fitch considers state support as a mitigating factor for these investments.

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