Siemens Gamesa Renewable Energy (SGRE) says it has become the first wind-turbine manufacturer to attain an investment-grade ratings.
S&P awarded Siemens Gamesa a BBB credit rating with a positive outlook, and Moody’s assigned SGRE a Baa3 rating with a stable outlook.
The company obtained a BBB long-term credit rating, with positive outlook, from Standard & Poor’s (S&P). It also received a Baa3 outlook stable rating from Moody’s.
“We are very proud to have achieved an investment grade rating from two agencies of the calibre of Standard & Poor’s and Moody’s,” said David Mesonero, Chief Financial Officer of SGRE. “This is a significant milestone for Siemens Gamesa and a recognition of our achievements. The ratings confirm our financial and industrial strength and will enable us to continue diversifying and optimzing our funding sources.”
S&P highlighted SGRE’s position in the competitive and consolidating onshore and offshore wind markets with an improved scale, installed base, and technology — which should help the group to increase market share and lead market consolidation. The rating agency also underlined the company’s conservative financial management and transparent financial policy, with a strong balance sheet, which enables it to preserve strong credit metrics and liquidity.
Moody’s also stated similar findings and that its rating supported SGRE’s top market position, high revenue visibility (as evidenced in the order book), technological edge over competitors, as well as the related and growing service activities, good regional diversification and moderate financial leverage.
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