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Siemens Gamesa gets investment-grade ratings from Moody's, S&P


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Siemens Gamesa gets investment-grade ratings from Moody's, S&P

Siemens Gamesa Renewable Energy SA received investment-grade ratings from Moody's and S&P Global Ratings.

"The ratings confirm our financial and industrial strength and will enable us to continue diversifying and optimising our funding sources," Siemens Gamesa CFO David Mesonero said in a May 6 statement.

Moody's assigned the wind turbine manufacturer a Baa3 long-term issuer rating with a stable outlook. The rating is primarily supported by the company's "leading" market position; strong fundamental growth of renewable energy demand and high revenue visibility; wide product offering; good regional diversity; and moderate financial leverage, the rating agency said in a May 6 report.

A May 10 statement from Moody's also indicated that the company's rating is unaffected by Siemens AG's plans to transfer its 59% stake in Siemens Gamesa, along with its gas and power business, into a separately managed company.

Separately, S&P Global Ratings assigned Siemens Gamesa a BBB- long-term issuer credit rating. "The rating is underpinned by the strong balance sheet with net cash position, positive free operating cash flow generation (FOCF), and support from its majority shareholder, Siemens AG," the rating agency said in a May 6 statement.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.