Moody’s Investors Service, Inc. (“Moody’s”) has assigned a Baa1 long-term issuer credit rating to Vestas Wind Systems A/S (“Vestas”), with a stable outlook.
Moody’s states: “The sustained growth expectation combined with the gradual expansion into the offshore segment should support continued income growth and higher margin levels going forward. The rating further positively reflects Vestas’ robust cash generation ability, a conservative financial policy reflected in a low financial leverage and a strong liquidity profile.”
Marika Fredriksson, Executive Vice President and CFO of Vestas, states “As wind energy demand continues to grow, Vestas aims to sustain its leadership and a strong balance sheet is key to provide attractive solutions to our customers. With a Baa1 rating, we secure access to attractive funding sources and it allows Vestas to diversify and optimise its funding structure in favour of long-term attractive terms.”
A key driver of Moody’s decision to assign a Baa1 Issuer Rating to Vestas is furthermore the expectation that the company with its market leading position in the wind power industry, will benefit from the global efforts to reduce carbon emissions and the trend towards renewable energy sources.
A solid investment grade rating will secure access to attractive funding sources as well as strengthen Vestas’ competitive position and support Vestas’ journey towards becoming the global leader in sustainable energy solutions. Vestas currently has one green bond with EUR 500m outstanding, which will mature in March 2022.