“We think the credit quality of METRO AG’s parent, EP Group (EPG), has benefited from the increased financial flexibility of its Czech Republic (Czechia)-based subsidiary Energeticky a prumyslovy holding (EPH) following the receipt of TotalEnergies S.A. shares valued at approximately €7.0 billion.
On June 9, 2026, we upgraded EPH to 'BBB' from 'BBB-', and now think the credit quality of the ultimate parent, EPG, is In it, it has raised its long-term issuer rating for METRO from 'BB+' to 'BBB-' and its short-term rating from 'B' to 'A-3'. In addition, S&P has raised the issuer ratings for the company’s unsecured senior debt from 'BB+' to 'BBB-'. The reason for the upgrade is the improved credit quality of METRO AG’s parent company, the EP Group (EPG). In S&P’s view, its credit profile is consistent with a 'BBB' rating, following the upgrade of its Czech-based subsidiary Energetický a průmyslový holding (EPH) to 'BBB' after it received shares in TotalEnergies S.A. worth around €7.0 billion. now consistent with a ‘BBB’ rating, from ‘BBB-‘ previously.
We continue to view METRO as strategically important to EPG because it represents one of the group's three strategic pillars. Because we anticipate that EPG would support METRO in most foreseeable circumstances, the issuer credit rating benefits from a three-notch uplift, subject to a cap of one notch below the group credit profile.
We therefore raised our long-term issuer credit rating on METRO to 'BBB-' from 'BB+' and our short-term issuer credit rating to 'A-3' from 'B'. We also raised our issue ratings on the company's senior unsecured debt to 'BBB-' from 'BB+'.
The stable outlook mirrors that on METRO's parent, EPG.”
Further information is available at Bonds | METRO AG
