Dong Rating ‘Stable’
Fitch Ratings has revised DONG Energy A/S’s Outlook to Stable from Negative and affirmed its rating, BBB+, of DONG Energy.
This follows the recently completed DKK13bn (EUR1.7bn) capital increase, which was the last element of the company’s 2013-14 Financial Action Plan.
The combined investment of the existing minority shareholders will total DKK 2,050 million, made up as follows: SEAS-NVE: DKK 1,420 million; SYD ENERGI: DKK 450 million; Nyfors Entreprise: DKK 100 million; and Insero Horsens: DKK 80 million.
While the new shareholders Arbejdsmarkedets Tillægspension (ATP) and PFA Pension Forsikringsaktieselskab (PFA) and Goldman Sachs invested total of DKK 11 billion.
In the rating statement issued by Fitch Rating, the credit bureau outlines the reason for the revised outlook as follows:
“Thanks to the successful completion of this plan, which also included non-core asset disposals, cost reductions and restructuring of the Energy Markets division, DONG Energy has strengthened its credit metrics from the weak levels reported in 2012.”
Press release, February 24, 2014; Image: dongenergy