• Cox reaches a new milestone in record time, positioning itself among IBEX 35 Industry Leaders in terms of credit rating, alongside Iberdrola, Repsol, Telefónica, and Acciona 

• HR Ratings assigns Cox a BBB- rating with a stable outlook, consolidating its investment grade status following its first results as a publicly traded company 

• Achieving an Investment Grade rating provides a significant boost for the company, improving access to financing under better conditions and strengthening investor confidence in its business plan 
• This achievement reflects Cox’s financial strength, stability, and growth strategy, enabling it to move forward steadily toward its strategic objectives.

Madrid, March 27, 2025. Cox, a water and energy utility, has obtained an Investment Grade rating (BBB- with a stable outlook) from the HR Ratings agency. 

This milestone has been reached in record time, just four months after its stock market debut and following the release of its first financial results as a listed company. With this rating, Cox joins the IBEX 35 league in terms of creditworthiness, achieving a rating on par with industry leaders such as Iberdrola, Acciona, Repsol, and Telefónica. 

A key milestone for Cox’s growth 

Attaining an Investment Grade rating reflects the company’s financial strength, economic stability, and the visibility of its business plan. This recognition represents a strategic enabler, facilitating access to financing under more favorable conditions while reinforcing investor confidence. 

The endorsement of HR Ratings, a global reference agency 

HR Ratings is one of the world’s top five rating agencies, operating in both America and Europe, and issuing over 2,000 ratings annually. Additionally, it is registered with the most stringent regulators, including the SEC (U.S.), ESMA (Europe), and FCA (UK), ensuring compliance with the highest market standards. 

Cox: a solid and expanding business model 

The HR Ratings report highlights Cox’s strong business model, operational evolution, growth strategy, and organizational and capital structure. It specifically emphasizes the company’s key role in the global water desalination market, where it holds a leadership position. 

According to the report, “investment in water technology and infrastructure will increase significantly over the next decade to meet the growing global demand for water resources.” It also notes that the regions facing the greatest water stress—located in the Middle East, North Africa, and the Americas—coincide with the areas where Cox has already established a strong presence. 

With this milestone, Cox strengthens its position as a key player in the water and energy sectors, consolidating its growth and global leadership capabilities.