Vestas has secured a Baa1 long-term issuer credit rating from Moody’s, assigning the turbine manufacturer a stable outlook.
Obligations rated Baa1 are judged as a moderate credit risk, with some speculative elements.
The credit rating agency said: “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.”
Vestas executive vice president and chief financial officer Marika Fredriksson said: “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 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 €500m outstanding, which will mature in March 2022.