Announcement of Periodic Review: Moody’s announces completion of a periodic review of ratings of Electricity Supply Board (ESB)Global Credit Research – 14 Dec 2021London, 14 December 2021 — Moody’s Investors Service (“Moody’s”) has completed a periodic review of the ratings of Electricity Supply Board (ESB) and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 7 December 2021 in which Moody’s reassessed the appropriateness of the ratings in the context of the relevant principal methodology (ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody’s practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.The A3 rating of Electricity Supply Board (ESB) takes into account its 96% ownership by the Government of Ireland (A2), which provides one notch of uplift to the standalone credit quality or baseline credit assessment (BCA) of baa1, reflecting Moody’s assumptions of moderate support and high dependence.The baa1 BCA of ESB is supported by: (1) the large contribution of regulated transmission and distribution to group EBITDA, (2) the low business risk profile of these networks and their stable returns under well-established and transparent regulatory frameworks, and (3) capacity revenues and renewable supports that give good visibility on a significant portion of the group’s generation earnings.ESB’s rating is constrained by (1) the high proportion of earnings, relative to most European energy network operators, from unregulated generation and supply businesses, (2) the group’s substantial capital investment programme, which for ESB Networks is 63% larger in PR5 compared to PR4, and (3) increasingly material additional off-balance-sheet debt in the group’s joint ventures.This document summarizes Moody’s view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodologies used for this review were Regulated Electric and Gas Networks published in March 2017 and Government-Related Issuers Methodology published in February 2020. Please see the Rating Methodologies page on www.moodys.com for a copy of these methodologies.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Graham Taylor VP – Senior Credit Officer Project & Infrastructure Finance Moody’s Investors Service Ltd. 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