Wind energy: Siemens Gamesa rated BBB by Fitch

This rating follows those assigned by Standard & Poor’s (BBB-) and Moody’s (Baa3) and confirms the company’s leading position, underpinned by geographical diversification, technology strengths and a solid financial position.

Siemens Gamesa Renewable Energy (SGRE) has been assigned a BBB long-term credit rating with stable outlook by Fitch.

The agency attributes the rating to Siemens Gamesa’s consolidated leading position in the wind industry, with the necessary technical capabilities and scale to compete globally in an industry that is concentrated, volatile and highly competitive. Fitch also noted the company’s geographical and industrial diversification, which enable it to be close to the customer in core markets while also enhancing logistics and operational costs. It also referred to the company’s solid financial profile, in line with an investment grade rating within the capital goods sector.

This rating follows those assigned by Standard & Poor’s (BBB-, outlook positive) and Moody’s (Baa3, outlook stable).

David Mesonero, CFO of Siemens Gamesa, commented: “We are the first global producer of wind generators to have a credit rating from all the big three agencies. This further underscores our sound financial position and leading status in the industry.”

Siemens Gamesa is a global leader in the wind power industry, with a strong presence in all facets of the business: offshore, onshore and services. Through its advanced digital capabilities, the company offers one of the broadest product portfolios in the industry as well as industry-leading service solutions, helping to make clean energy more affordable and reliable. With over 90 GW installed worldwide, Siemens Gamesa manufactures, installs and maintains wind turbines, both onshore and offshore. Its backlog stands at €23.6 billion. The company is headquartered in Spain and listed on the Spanish stock exchange (included in the Ibex-35 index).