Fitch Ratings has affirmed DONG Energy's long-term issuer default rating and senior unsecured rating at 'BBB+' and subordinated capital securities' rating at 'BBB-'. The Outlook is Stable.
Fitch said the affirmation reflected DONG Energy's leading market position and solid record of operations in offshore wind power, the company's key segment, which benefited from price support mechanisms and good cash-flow visibility in its countries of operation.
It said: "The business risks associated with the growing share of EBITDA from construction contracts for offshore wind farms built in a partnership model are mitigated by DONG Energy's record in building these assets.
"We expect that DONG Energy's large financial headroom for the 'BBB+' rating, especially considering the recently agreed disposal of the oil and gas business, will decline over the next few years."