Moody's Ratings has granted for the first time to Plenergy a corporate family rating (CFR) of "B1", accompanied by a probability of default (PDR) of "B1-PD" and the same rating for a senior secured loan of 400 million euros and a revolving credit line of 70 million euros. The agency sets a "stable" outlook.
According to the rating firm, the funds raised from the loan issuance will be used to refinance previous debt, make a distribution to shareholders, and cover the costs associated with the operation. It is expected that the revolving credit line will remain undrawn at the time of closing the transaction.
Once the operation is completed, Moody's estimates that Plenergy's adjusted gross leverage will be around 3.7 times, with a gradual decrease to approximately 3.5 times over a horizon of 12 to 18 months, supported by the opening of new stations, the increase in fuel volumes, and more favorable purchasing conditions.
The rating reflects Plenergy's position in the Iberian market of automated gas stations, where it has a network of over 400 points of sale, as well as its low-cost approach and the growth experienced by its network in recent years.
Moody's emphasizes that Plenergy's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 76% year-on-year until July 2026, while fuel volumes increased by 27% in the same period.
Risks from business concentration and expansion plan
Despite these positive factors, the agency warns of certain limitations arising from the high concentration of activity in fuel sales, the low diversification towards complementary business lines with higher margins, such as convenience stores or restaurants, and the sensitivity to the volatility of oil prices and fuel margins.
Moody's also identifies execution risks associated with Plenergy's expansion plan in Spain and Portugal, which will require a sustained volume of investment and proper selection, administrative processing, and commissioning of the new stations. Furthermore, the agency considers that the ownership profile, highly concentrated in venture capital, along with the intensive use of debt, have had a significant weight in the rating granted.
Plenergy is majority-owned by the American private equity firm Tensile Capital Management and by the Spanish venture capital manager Portobello Capital. The founder and CEO, José Rodríguez de Arellano, holds a minority stake in the company and continues to lead the management and development of the brand.