Småkraft discontinues credit rating agreement with Nordic Credit Rating, rating lowered to BB-

04 Dec 2025 16:07 CET

Bergen, 4 December 2025 – Småkraft AS has decided to discontinue its agreement
with Nordic Credit Rating (NCR) as an external credit rating is no longer
considered essential for the company's access to the public bond market. In its
final rating note, NCR has lowered its long-term issuer rating ‘BB-’ from ‘BB’
with a negative outlook. The senior secured issue rating has been lowered to
‘BB’ from ‘BBB-’, while. The ‘N4’ short-term issuer rating was affirmed.

“Småkraft maintains access to various sources of capital at favourable terms for
upcoming refinancing requirements, following the outcome of the political
discussions regarding the resource rent tax on small-scale hydropower plants.
The opposition is expected to vote against and fully block the government’s tax
proposal,” said CFO of Småkraft AS, Pia Christine Helland.

The rating report is available on NCR’s website:
https://nordiccreditrating.com/article/smakraft-long-term-issuer-rating-lowered-
bb-and-withdrawn

For further information, please contact:
Pia Christine Helland, Chief Financial Officer, +47 905 47 989

More information:
Access the news on Oslo Bors NewsWeb site