The company’s credit rating remained high, reflecting the company’s strong overall financial situation and debt service capacity. The Group’s net financial costs in 2017 were 22.8 (18.7) million, including a change of EUR -8.2 (5.1) million in the fair value of financial derivatives.
Interest-bearing borrowings totalled EUR 1,082.7 (1,107.7) million, of which non-current borrowings accounted for EUR 813.4 (842.9) million and current borrowings for EUR 269.3 (264.9) million. In 2017, the company issued a EUR 100 million 10-year green bond to finance the company’s investments, which are expected to have positive long-term net environmental impacts.
The company’s liquidity remained good. Financial and cash assets recognised at fair value through profit or loss totalled EUR 83.8 (79.7) million on 31 December 2017. The company additionally has an undrawn revolving credit facility of EUR 300 million to secure liquidity and EUR 50 million in uncommitted overdraft facilities. Fingrid used the second extension option of the revolving credit facility during the period under review. This extended the maturity of the revolving credit facility until 11 December 2022.
The counterparty risk arising from derivative contracts relating to financing was EUR 8 (16) million. Fingrid’s foreign exchange and commodity price risks were hedged.
Fingrid has credit rating service agreements with S&P Global (S&P) and Fitch Ratings (Fitch).
- On 31 October 2017, S&P maintained the rating for Fingrid Oyj’s unsecured senior debt and long-term company rating at ‘AA-’ and the short-term company rating at ‘A-1+’, with a stable outlook.
- On 5 December 2017, Fitch affirmed the rating for Fingrid Oyj’s unsecured senior debt at ‘AA-’, the long-term company rating at ‘A+’, and ‘F1’ for the short-term company rating, with a stable outlook. The rating received by Fingrid was, at the time of issuing, the highest valid rating given by Fitch to any European regulated TSO.