Vestas receives Baa1 credit rating, underlining Vestas’ strong liquidity profile and the long-term growth expectations for the wind power industry
News release from Vestas Wind Systems A/S
Aarhus, 1 February 2021
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.
Vestas Wind Systems A/S, Denmark
Patrik Setterberg, Vice President
Tel: +45 6122 1913
Mathias Dalsten, Specialist
Tel: +45 2829 5383
Anders Riis, Senior Director
Tel: +45 4181 3922
Vestas is the energy industry’s global partner on sustainable energy solutions. We design, manufacture, install, and service wind turbines across the globe, and with more than 122 GW of wind turbines in 82 countries, we have installed more wind power than anyone else. Through our industry-leading smart data capabilities and unparalleled more than 108 GW of wind turbines under service, we use data to interpret, forecast, and exploit wind resources and deliver best-in-class wind power solutions. Together with our customers, Vestas’ more than 25,500 employees are bringing the world sustainable energy solutions to power a bright future.
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