The financial action plan initiated February 2013 is being positively received. The elements in the action plan along with improved operational performance are the main reasons for Standard & Poor’s (S&P) decision to change the outlook on DONG Energy from negative to stable. The rating is affirmed at BBB+.
The financial action plan has involved divestments, cost reductions, restructuring of the gas business and not least the equity injection of DKK 13bn, which was completed in February 2014. Along with improved earnings performance, a robust foundation has been created for the continuation of DONG Energy’s growth ambitions.
With S&P’s change in outlook to stable, DONG Energy holds a stable outlook from all three rating agencies. Besides S&P, DONG Energy is rated at Fitch (BBB+ stable outlook) and Moody’s (Baa1 stable outlook). The Baa1 rating at Moody’s corresponds to the BBB+ rating at S&P and Fitch. DONG Energy’s rating target is a minimum rating of BBB+/Baa1.