Policy
Dividend policy
Enexis applies a dividend policy of 50 percent of the yearly net profits from ordinary business operations. This percentage shall be reduced if the dividend payment places the company at risk of losing its A rating profile within five years.
Banking policy
We seek to build and maintain long-term relationships with a broad range of banks (core banking group) so as to ensure the availability of adequate stand-by lending facilities. The core banking group includes Netherlands-based and international banks, all of which being of good standing and having a wide range of products and strong credit ratings.
Financial policy
The policy is to have at least an A/A2 rating profile. This credit rating profile provides a buffer relative to the statutorily required minimum creditworthiness of an ‘investment-grade rating (BBB/Baa2)’ for Enexis Netbeheer B.V., as referred to in the Financial Management (Grid Operators) Decree.
The A rating profile is in line with the regulatory weighted average cost of capital (WACC) principles and, hence, in line with the compensation for funding costs. In order for Enexis Holding N.V. and Enexis Netbeheer B.V. to continue to have identical ratings, it is our policy to limit as much as possible the ‘structural’ subordination of debt.
Enexis Holding N.V. is rated by Moody’s Investors Service and Standard & Poor’s (S&P) . Enexis Netbeheer B.V. is rated as well in order to comply with the legal requirements regarding the creditworthiness of the Grid manager.