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Fitch Ratings Revises Sizewell C Limited’s Outlook from Stable to Negative

Fitch Ratings – London – 10 Nov 2026:

Fitch Ratings has revised Sizewell C Limited’s (SZC) Outlook to Negative from Stable, while affirming its Long-Term Issuer Default Rating (IDR) at ‘BBB+’. The rating action is a direct result of the revision of the Outlook of Electricite de France (EDF) to Negative from Stable (IDR: BBB+), in turn related to the sovereign action on France (A+/Negative).

During the construction period, SZC relies heavily on Framatome, which is contracted to provide the nuclear island. This caps the rating of the company at the level of EDF, as EDF guarantees Framatome’s (capped) financial obligations towards SZC under its contract.

KEY RATING DRIVERS

For an overview of the issuer’s credit profile, including key rating drivers, see “Fitch Affirms Sizewell C Limited at ‘BBB+’; Outlook Stable” published 20 October 2026 on www.fitchratings.com.

KEY RATING DRIVERS

For an overview of the issuer’s credit profile, including key rating drivers, see “Fitch Affirms Sizewell C Limited at ‘BBB+’; Outlook Stable” published 20 October 2026 on www.fitchratings.com.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade

– Negative rating action on EDF as guarantor of Framatome

– The projected Fitch Rating Case (FRC) net debt/regulatory asset base (RAB) above 65%, which gives the Secretary of State the right to suspend elements of the UK government’s (AA-/Stable) support package…………………………………………………………………………………………………………………………………………………………. https://www.fitchratings.com/research/infrastructure-project-finance/fitch-revises-sizewell-c-limited-outlook-to-negative-affirms-rating-at-bbb-10-11-2026

November 14, 2026 - Posted by Christina Macpherson | business and costs, UK