The company obtained a BBB- long-term credit rating, with a positive outlook, from Standard & Poor’s (S&P), and a Baa3 outlook stable rating from Moody’s.
Spanish renewable energy major, Siemens Gamesa Renewable Energy (SGRE) recently became the first wind turbine manufacturer to attain an investment grade rating. The company obtained a BBB- long-term credit rating, with a positive outlook, from Standard & Poor’s (S&P), and a Baa3 outlook stable rating from Moody’s. Siemens Gamesa has debuted in the public rating arena within investment grade.
S&P highlighted Siemens Gamesa‘s leading 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 said that the rating is primarily supported by Siemens Gamesa’s leading market position, its high revenue visibility, as evidenced in the order book, its technological edge over its competitors, as well as the related and growing service activities, good regional diversification and moderate financial leverage.
David Mesonero, Chief Financial Officer of Siemens Gamesa, commented, ” We are very proud to have achieved an investment grade rating from two agencies of the calibre of Standard & Poor’s and Moody’s. 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 optimising our funding sources.”
Recently, the manufacturer reported the results of the first half (October-March) and second quarter (January-March) for the financial year 2019. and the winds have clearly been favourable for the wind major.
For the first half of FY 2019, the company reported that its revenue increased by 6 percent year-on-year to €4,651 million and by 7 percent in the second quarter, to €2,389 million, supported by strong performance in Offshore and Service.